Planning for the future requires a sensible strategy focused on your goals. When you're saving for retirement, our Individual Retirement Accounts (IRA) provide solutions with solid growth opportunities. No matter what your current income level, you can find a retirement plan for your future. Each option provides different benefits, so consult your tax advisor for complete details about tax advantages.
What is an IRA?
At its most basic description, an Individual Retirement Account (IRA) is just a way to save money for retirement. That seems simple enough, right? More precisely, an IRA is a specific type of savings account (or group of savings accounts) that has been designed to help people set aside funds for their retirement with certain tax advantages that reward the savings behavior. When filing taxes, you may note that the IRS refers to these accounts as Individual Retirement Arrangements, rather than Accounts. Most financial institutions, however, refer to these as Accounts.
The general basics of IRA accounts are:
- All IRA accounts offer tax benefits, incentivizing saving for retirement
- There are earning limits and caps on how much can be set aside each year in these accounts
- An IRA is not the same thing as a 401K, has separate contribution limits and can be used as another vehicle to save for retirement
- There are rules for withdrawals and penalties may apply in certain criteria is not met
Setting up an IRA
Getting started is as easy as following one of the links above.
- After following the link, Select "Open an IRA/HSA"
- Then select the account type you wish to open
- Traditional IRA
- Traditional IRA - SEP Contribution
- Roth IRA
- You will need your SSN and the SSN of any beneficiaries you are adding
- New IRA accounts are typically set up within 1 business day