Individual Retirement Account
Is an IRA right for you?
You might also be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer-sponsored plan as defined by the Internal Revenue Service.
With an IRA, you may also be able to defer taxes until you retire when you will probably be in a lower tax bracket. Regardless of the amount you’ll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.
If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, contact one of our customer service representives to discuss your options.
**Transfer fees may apply