Individual Retirement Accounts (IRAs)
An IRA is a great way to bolster your retirement savings and preserve retirement assets you've already accumulated. IRAs offer tax advantages and expanding savings opportunities that can help you in meeting your retirement goals.
Contributions to a Traditional IRA may be tax-deductible, depending on your coverage by an employer-sponsored retirement plan, Adjusted Gross Income (AGI), and your tax filing status. Earnings within a Traditional IRA will continue to grow tax-deferred until withdrawn. Withdrawals prior to age 59½ may be subject to a 10% penalty.
Starting a new job and need to transfer funds from your previous 401(k)? Then consider a Rollover IRA. Rolling your money into an IRA allows you to continue tax deferral and preserve the long-term benefits of your retirement dollars.