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IRA's
Reduce your tax burden while planning your retirement with an IRA. To learn more about IRAs and how they can work for you, see the IRA Tutorial Information below. Then contact us to find out how to open your account.
Different types of IRAs?
Traditional IRA - In this IRA, contributions you make to the account are often tax deductible and taxed upon withdrawal. This allows you to defer taxation until your retirement when you may be in a lower tax bracket.
Roth IRA - This is the newest type of IRA created by the Tax Payer Relief Act of 1997. Contributions you make now are NOT tax-deductible, but can be withdrawn tax and penalty free at any time. Earnings can be withdrawn tax and penalty free for certain reasons after five tax years. If you do not need the immediate tax break or expect to be in a higher tax bracket when you retire, this may be the account for you.
Coverdell Education Savings Accounts (CESA) - This plan allows individuals to save money for a child's education on a tax-favored basis. Withdrawals are tax and penalty free only for qualified education expenses. Earnings are subject to tax and penalty for other withdrawals.
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