Individual Retirement Accounts (IRA)
An IRA is a personal savings plan with the specific goal of saving for retirement. The accounts have rules such as who can contribute, how much can be contributed and when withdrawals can be made. IRA types offered are Traditional, Roth and Education.
With traditional IRA's, contributions may be tax-deductible. Earnings grow tax-deferred until they are withdrawn.
Roth IRA contributions can be withdrawn tax-free and penalty-free at any time. Earnings are tax-free if the account is open for five tax years and withdrawn for a qualified reason.
Education savings accounts are a great way to save for qualified education expenses. These withdrawals are tax-free and penalty-free for qualified education expenses. Funds can be transferred from one child's account to an account for another child in the family.
Start saving today for the future!