IRAs are a smart move towards building financial security. It's never too early to start saving for your retirement.
Traditional
A Traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions may be tax deductible in the year they are made.
Educational
The Education IRA (Coverdell Education Savings Account) is an account that features tax-free withdrawals for a child's elementary, secondary, and post-secondary education expenses. Contributions are nondeductible, therefore unlike the Traditional IRA, distributions from Educational IRAs are penalty free and tax-free.
Roth
The Roth IRA is an account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA than a Traditional IRA. Unlike the Traditional IRA, there is no requirement to begin taking distributions at age 73.
Rollover
More information coming soon!