Taking Care of Tomorrow
Are you looking for a way to save money for retirement? Why not get an individual retirement account (IRA)?
- Traditional IRAs
- Roth IRAs
- Competitive interest rates
- Interest compounds quarterly
- FDIC insured
- No annual administration fee or service charge (however, an early withdrawal penalty may be imposed for withdrawals before maturity)
- Automatic renewal option
- After age 59½ you have the option to increase the interest rate on your IRA once every 12 months
- Must have earned income and have not reached age 70½ by the end of the year
- Annual contribution limits apply
- Required distributions after age 70½
With a Traditional IRA, you make contributions with money you may be able to deduct on your tax return. Any earnings can potentially grow tax-deferred until you withdraw them in retirement. Consult your tax advisor.
A Roth IRA is a retirement savings account that allows your money to grow tax-free. You fund a Roth with after-tax dollars, meaning you’ve already paid taxes on the money you put into it. In return for no up-front tax break, your money grows and grows tax-free. When you withdraw at retirement, you pay no taxes. Consult your tax advisor.