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Plan ahead for the future.
We offer 3 different Individual Retirement Accounts (IRA) and Education Savings Accounts (ESA). Each account has it’s own unique tax advantage to fit your retirement strategy.
Why go Traditional?
Your deposits and dividends with a Traditional account are tax-deductible. While your withdrawals are subject to federal and state taxes, your Traditional IRA may provide an immediate tax benefit.
Who is this account great for?
A Traditional IRA is great for those expecting to be in a lower tax bracket when they retire.
Key Tax Advantage:
Contributions made into the account are tax-deferred until retirement.
Why a Roth IRA may be your style?
All your contributions into your IRA will be taxed – allowing you to enjoy tax-free withdrawals upon retirement age (assuming the account has been opened for at least 5 years).
A Roth IRA works best for those expecting to be in a higher tax bracket when they retire.
Contributions made into the account after taxes allow any distributions to be tax-free at retirement.
How does an Education Savings Account work?
The sole purpose of an ESA is to save and pay for a child’s future education. All contributions and earnings are tax-free when withdrawals are used for qualifying education expenses. After-tax contributions can be made until the child turns 18.
What education expenses qualify?*
Contributions and withdrawals are tax-free for qualifying expenses.*
*Must be enrolled or attend an eligible elementary, secondary, or post-secondary institution.
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