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IRAs
If you’re interested in saving for your retirement, there are two popular Individual Retirement Accounts (IRAs) that are quite different: the “traditional” IRA and the “Roth” IRA. Here are the main differences between the two:
Traditional IRA
- Contributions aren’t taxed
- Money grows tax-deferred while in the account
- Upon retirement, when you withdraw your money, it is taxed; however, as you should be in a much lower tax bracket, your tax liability should be far less
Roth IRA
- Contributions are taxed
- Money grows tax-deferred while in the account
- Upon retirement, when you withdraw your money, it will not be taxed, assuming your IRA has been open for at least five years
For parents looking for a great way to save for a child’s education, we offer
the Coverdell (Educational) IRA.
For businesses with fewer than 100 employees looking for a sound option, we offer Savings Incentive Match Plan for Employees (SIMPLE) IRA.
Take a look at our IRA brochure to view more detail and our IRA accounts.
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