IRA
Individual Retirement Account
The earlier you start saving for retirement, the better and Individual Retirement Accounts (IRAs) are a great way to save for your future. Whether you are just starting to save or want to supplement your current employer-sponsored retirement plan, an IRA is a great way to plan ahead and started saving for your future.
What is an IRA?
IRAs are a type of savings account designed to help you save for retirement and offers tax advantages.* We offer both traditional and Roth IRAs to help you plan for your future financial needs.
Why should I invest in an IRA?
Financial experts estimate that most people will need up to 85% of their current income in retirement. An employer-sponsored retirement plan, like a 401(k), might not be enough to get you to that level. Luckily, you can contribute to both a 401(k) and an IRA.
What’s the difference between a Traditional and Roth IRA?
There are a few differences between these accounts, but the main difference has to do with the tax benefit. A Traditional IRA gives you a tax deduction on contributions for the year they were made but you’ll pay taxes on the distributions in retirement. A Roth IRA gives no tax deduction when you make contributions, but qualified distributions in retirement are not taxed. Please consult with your tax advisor for further clarification.
How do I open an IRA?
Stop in at any Better Banks location and speak with the Branch Manager or Customer Service Representative.
Start saving for you future today!
Summary:
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Funds become available starting at age 59 ½
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Contributions may be tax deductible*
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Both Traditional and Roth Available
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Terms from 6 months to 60 months
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$1,000 opening deposit
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$30 annual administrative fee