Traditional IRA
Looking to save for retirement while reducing your taxable income? A Traditional IRA could be the right choice for you. With this type of savings account, you receive a tax deduction up-front and watch your earnings grow tax-deferred.
Key details:
- Contribute to a Traditional IRA regardless of age with W-2 earned income.
- Contributions may be tax-deductible depending on filing status, income, and other factors.
- The annual contribution limit is $6,000, with an additional $1,000 catch-up contribution allowed for those aged 50 and older.
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Roth IRA
Are you seeking an investment option that provides tax-free withdrawals without requiring a tax deduction up-front? If so, a Roth IRA might be a smart choice.
Key details:
- Contributions can be made regardless of age with W-2 earned income.
- No required minimum distribution at the age of 72.
- Annual contribution limit of $6,000, with an additional $1,000 for those age 50 and older.
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Simple IRAs
Are you a business owner looking for a cost-effective way to offer retirement accounts to your employees? Consider the Savings Incentive Match Plan for Employees (SIMPLE) IRA, which allows employers to match a percentage of an employee's total compensation if the employee makes salary deduction contributions. This option is less paperwork and costs less than a traditional 401(k).
Key details:
- Employers must have 100 or fewer employees.
- Employers may contribute on behalf of the employee.
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SEP IRAs
Are you self-employed and looking for a way to make IRA contributions? Consider a Simplified Employee Pension (SEP) IRA, set up by employer-only contributions but still allows self-employed individuals to contribute.
Key details:
- Simple and easy setup.
- Tax deferral until withdrawn.
- Employers are not required to contribute every year.
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Please consult your tax advisor regarding deductibility and eligibility.
Our Bankers are ready and eager to assist you in achieving your financial goals, so visit any of our locations today to start your retirement savings journey today!
Get Started with FSB Saving with IRAs
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