Plan for Future Dreams
Things like retirement or paying for your child’s education may seem like a long way off, but it’s never too early to plan and save. We’ll help you understand the options and ease into a plan that fits your specific needs.
An IRA or individual retirement account is money set aside for saving for your retirement with two options on how you pay tax on these dollars. A traditional IRA allows contributions to be tax deferred up front. Traditional IRAs can be used as a tax deduction. You’ll pay the tax when you withdraw your funds. All funds including growth are taxed. While a Roth IRA allows contributions that have already been taxed. So when you withdraw funds you do not pay additional tax, even on growth. Consult your tax advisor.
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Funds cannot be withdrawn from IRAs until the owner is 59 ½ years old without penalty. At 70 ½ years old you must start taking funds. This is called required minimum distribution (RMD).
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