Take the first step toward a successful retirement today!
The future is getting one step closer every day. That means it’s crucial to take action to ensure you have the financial means to life the life you want.
We offer a few retirement account options to help you save and grow your money for retirement.
We offer a few different IRA options to choose from
Each retirement account we offer comes with its own benefits and guidelines. We recommend speaking with your tax advisor prior to opening an IRA with us.
Traditional IRAs
Contributions to a traditional IRA may be fully or partially deductible and grow on a tax-deferred basis. Taxes are paid when you withdraw money when you’re retired. For the 2022 tax year, you can contribute up to $6,000 annually to your traditional IRA; if you’re 50 or older, you can contribute up to $7,000 a year. For the 2023 tax year, the limit increases to $6,500 and if you are 50 or older it is $7,500.
Roth IRAs
Contributions to a Roth IRA are taxed, whereas distributions are not as long as you’ve owned the account for 5 years and are age 59 ½ or older. You can contribute up to $6,000 annually to your Roth IRA; if you’re 50 or older, you can contribute up to $7,000 a year. For the 2023 tax year, the limit increases to $6,500 and if you are 50 or older it is $7,500.
Coverdell Accounts
This type of account allows you to save for a child or grandchild’s education. You can contribute up to $2,000 for a single beneficiary per year until that child turns 18 years old. The earnings grow tax-free, and can be used for tuition, room and board, books or other education expenses.
