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IRA Choices
We offer a variety of individual retirement account (IRA) choices to help you build your retirement nest egg. Traditional IRA: A traditional IRA is a tax-deferred savings plan for workers under age 70 ½, even those who participate in an employer retirement plan or are married to someone who does. For many taxpayers, IRA contributions may be tax deductible. Roth IRA: Like a traditional IRA, the Roth IRA accumulates interest and earnings on investments tax free. The key difference between Roth IRAs and Regular IRAs is that contributions to Roth IRAs are never deductible, but distributions after age 59 ½ are completely tax free if the Roth IRA has been open five years. Education IRA: An Education IRA allows individuals making $110,000 or less per year, or couples filing jointly earning $160,000 or less annually, to invest a total of $500 per child per year on behalf of their children to pay for future college costs. Withdrawals from an Education IRA are tax free provided the proceeds are used for educational expenses. Rollover IRA: Direct Rollover IRAs are for individuals who are changing jobs or retiring and need to transfer funds from their former employer’s retirement plan. Using a Rollover IRA can help you avoid the 20% withholding tax that the government imposes on distributions taken in cash. It will also continue to maintain the tax-deferred status of your retirement assets. |
