An IRA is the best way to save for your retirement. By contributing every year, you can build a tax-deferred nest egg that will mean a more secure future upon retirement. Please check with your tax advisor to determine deductibility. We offer retirement benefit solutions customized to suit your personal or business needs. If your organization already has an existing plan, or is considering starting a new plan, your advisor can work with you to find the right plan to suit your unique situation.
The bank offers several investment options for your IRA savings:
- Traditional IRA
The earnings in a Traditional IRA grow tax-deferred until they are withdrawn. Depending on your income, contributions to Traditional IRAs are also tax-deductible up to the full amount of the contribution.
- Roth IRA
A Roth IRA is similar to a Traditional IRA in many ways, the major difference being that the contributions to a Roth IRA are not tax-deductible. Also, the interest earned accumulates tax free. The Roth IRA must be specified as such when the account is opened.
- Coverdell Education Savings Accounts
The purpose of this account is to provide people with a tax-advantaged savings instrument for educational needs. The funds contributed to this account are viewed as a gift to the designated beneficiary under the age of 18. It is extremely important that the funds contributed to this account be coordinated with other educational payment plans.