Individual Retirement Accounts (IRAs)
Save for a Brighter Future Today
Your future is just as important as the here and now. A useful method for planning your retirement early is to open an IRA. An Individual Retirement Account (IRA) allows you to start saving for retirement with tax-advantaged benefits. Below, we have information on the differences between Traditional and Roth IRAs to help you choose the right IRA for your financial situation.
A Traditional IRA allows you to direct pre-tax income toward your contributions that can grow tax-deferred*.
- Contribution may be tax deductible
- Earnings grow tax deferred
- You are required to start minimum distributions at age 73
- Taxes apply when you take a distribution
A Roth IRA allows you to set aside after-tax income up to a specified amount each year.*
- Contributions are made with after-tax dollars
- No mandatory distribution age
- Earnings and withdrawals after age 59 ½ are tax-free
An IRA CD allows you to invest IRA funds within certificates of deposit (CDs).*
- Safe, low-risk investment
- Flexible, short terms
- Generates predictable short-term income