Investment Services - IRA - Individual Retirement Account

Individual Retirement Accounts (IRAs)

• Traditional IRAs
• Roth IRAs
• Coverdell Education Savings Account

 

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Traditional IRA

A traditional IRA is an account that allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also certain contributions are tax deductible in the tax year for which they are made.

• Penalty for early withdrawal
• "Win-Win Option" - all IRAs allow two rate increases over the 12-month term as market rate increases
• Minimum opening deposit: $50.00

 

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Roth IRA

The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after five years. For persons who expect to be in a higher tax bracket when you retire, a Roth IRA may be more beneficial than a Traditional IRA.

• Your modified adjusted gross income must meet certain guidelines to qualify for a Roth IRA.

 

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Coverdell Education Savings Account (Formerly Known as Education IRAs)

This account is a nondeductible account that features tax-free withdrawals for a child's education expenses. Qualified higher education distributions are penalty free and federal income tax free. Consult a tax advisor to discuss your individual situation.

For more information, please call or visit one of our offices, or e-mail us.

 

Please consult your tax advisor before opening an IRA account.