Traditional Individual Retirement Account (IRA)

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May be a good choice if you are seeking a tax deduction now, your income is too high to be eligible for a Roth IRA, or expect to be in a lower tax bracket in retirement.

  • A Traditional IRA is your opportunity to make tax-deferred and possibly tax-deductible contributions to your retirement savings.

Benefits –
The benefits of a Traditional IRA include:

  •  Tax-deferred growth potential.
  •  The ability to deduct your contributions (if you participate in a plan at work, your eligibility is based on your income).
  •  Accepts rollovers from employer-based plans (401K(k), 403(b), or 457 governmental plans).
  •  Accepts transfers of savings from other.
     

Traditional IRAs Things to consider:

  •  Withdrawals are taxable and included with your yearly income
  •  10% IRS early withdrawal penalty on distributions taken before age 59 ½ (some exceptions apply)
  •  Required Minimum Distributions (RMDs) at age 70 ½
     

Contact us today for more information.
Toll Free Number 1-844-350-8512
E-Mail info@thecitizensbank.net