Individual Retirement Accounts (IRAs)

Let’s Save Together

We can’t tell you whether to retire on the beach or in the mountains, but we can make sure you have enough money to do either one. With only a $50 deposit, you can open a Traditional IRA or Roth IRA. Contribute whatever annual amount makes sense for your financial situation, up to $6,000 a year. Save for retirement with better dividends than a normal savings account, and get tax breaks on contributions (Traditional IRA) or withdrawals (Roth IRA). Education IRA is another name for a Coverdell IRA. These accounts provide tax advantages to people saving for a child’s education expenses. Anyone, including parents, grandparents, and even corporations and trusts, can contribute to education IRAs. However, there are income limitations, as well as caps on contributions and restrictions on how the money can be spent. Always consult a tax advisor about the tax benefits of an IRA and which one is best for your financial situation.