Individual Retirement Account can be used to supplement your retirement income. The traditional IRA allows you to defer taxes on both the funds deposited and the interest earned until they are withdrawn. We strongly recommend that you consult qualified professions for tax advice.
- Contributions may be tax deductible*
- Withdrawals may begin at 59 ½ and must start by age 70 ½
- May establish a traditional IRA if you have not attained age 70 ½
Contributions to a Roth Individual Retirement Account (IRA) are not tax deductible. Distributions from these accounts however are not taxable. IRS guidance on personal earnings should be observed.
- Contributions are not tax-deductible, distributions are not taxable
- Minimum distributions from a Roth IRA are not required as they are with a Traditional IRA
Coverdell Education Savings Account
This account features tax-free withdrawals to pay for board, tuition, supplies, etc. for a covered dependent’s education expenses. Contributions are not tax deductible, however, interest earned on this account is not taxable if the withdrawals are restricted specifically for educational purposes.*
*Consult your tax advisor concerning eligible expenses.