Opening an Individual Retirement Account is an excellent way to save for retirement while lowering your tax bill at the same time.
In the long relay to retirement, we will help you choose the right Individual Retirement Account to provide the guidance and resources you need to meet your retirement goals.
Learn more about the types of IRA’s we offer:
Traditional IRA : Roth IRA : SEP-IRA : SIMPLE IRA
- Competitive dividends
- No setup fees
- Federally insured to $250,000 to NCUA
- Tax-advantaged retirement savings
- No annual fees
- Open a Money Market IRA with as little as $100
- Open a CD IRA with a 1 to 5 year term
If you make a contribution to a traditional IRA and neither you or your spouse participates in a retirement plan at work, your contributions are fully tax deductible.
However, if you are covered by a qualified workplace retirement plan, your deduction for traditional IRA contributions is reduced according to your income and tax filing status.
The maximum contribution you can make to a Roth IRA for 2012 is the same as for a traditional IRA. It remains unchanged from 2011 at $5,000 or $6,000 if you’re age 50 or older.
In order to contribute to a Roth IRA, there are annual limits on your income. Though the amount you can contribute to a Roth IRA for 2012 hasn’t increased, the limitation on income has increased, making more taxpayers eligible to participate.
A Simplified Employee Pension that uses a traditional IRA is called a SEP-IRA. It’s a retirement plan for small businesses or those who are self-employed. The annual contribution has increased slightly from 2011. You can contribute up to 25% of your net earnings or W-2 income up to $50,000 for 2012.
A SIMPLE IRA stands for Savings Incentive Match Plan for Employees. It’s a retirement plan for businesses or those who are self-employed. The amount an employee can contribute for 2012 remains unchanged at $11,500 or $14,000 if you’re age 50 or older.