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Planning for your retirement is a key factor in ensuring a comfortable, secure future. Individual Retirement Accounts (IRAs) allow your returns to grow tax deferred until withdrawal. We offer a variety of IRAs to help you build your retirement nest egg. For more information including the latest rates, please contact your local branch office.
The Traditional IRA allows you to take advantage of federal income tax deferred earnings and possible yearly tax deductions. This type of IRA can help you pay less in taxes now, using pre-tax dollars to build principal for more earnings later. Everyone under age 701⁄2 with earned income may participate in a Traditional IRA; however, income limits determine eligibility for tax deductions. Consult your tax advisor.
While Roth IRA contributions are not tax deductible, earnings are free from federal tax (if certain conditions are met). The Roth IRA also has a lot of flexibility to help you meet your retirement goals. You can access your contributions without IRS penalty, you may continue to save for retirement past age 701⁄2, and there are no mandatory distribution requirements.
If you are about to change jobs or retire, you may be eligible to receive a distribution from your 401(k) plan. If so, rolling these funds into an IRA will keep the funds tax deferred until withdrawal
** Additional restrictions & terms may apply. Check with a customer service representative.