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Individual Retirement Accounts


Individual Retirement Accounts

Your long-term for the long-term. With an IRA savings account, your earned income can be saved for the future while enjoying certain tax advantages. As you prepare for your retirement, there are many options available to you. Here, we break down each option and explain how they work. 

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Retirement Accounts

With a traditional IRA, eligible contributions are made tax-free and are only taxed when withdrawn during retirement, often when you're in a lower tax bracket. There is no age restriction for Traditional IRAs, so anyone at any age can contribute if they are still working. Traditional IRAs are also subject to Required Minimum Distributions (RMDs) starting at age 72.

With a Roth IRA, contributions are taxed. However, qualified distributions are tax-free, regardless of your tax bracket or income level. Roth IRAs are also subject to income limits, restricting how much you can contribute depending on your earnings and filing status. Additionally, Roth IRAs are not subject to RMDs, allowing funds to grow throughout your lifetime, effectively fund education, and even transfer to beneficiaries.

An IRA CD is just like regular CDs except they are for designated retirement funds. IRA CDs provide a low-risk investment option for IRA owners, while also earning a higher dividend rate compared to the standard IRA share. Even if the market changes, your rate is locked for the selected term.

Qualified Retirement Plan rollovers are tax-free transactions in which your balance in a tax-qualified employer-sponsored retirement plan – such as a 401(k), tax-sheltered annuity 403(b), or governmental 457(b) plan – is rolled over to another tax-qualified account such as an IRA. When done properly, a rollover will preserve the tax-sheltered status of the retirement assets.

Prior to requesting a rollover from your employer-sponsored retirement account to an Individual Retirement Account (IRA), you should consider whether the rollover is suitable for you. There may be important differences in features, costs, services, withdrawal options, and other important aspects between your employer-sponsored retirement account and an IRA.


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