Tax deferred growth fuels your retirement.
A Traditional IRA is a valuable option for a retirement planning portfolio because of its tax-deferred growth.
Work at saving today…enjoy your retirement tomorrow:
- Tax deferred growth: You don't pay taxes on earnings until you make a withdrawal.
- Tax deductibility: Contributions are made with pre-tax dollars and can be partly or fully tax deductible depending on income and whether you participate in an employer-sponsored retirement plan.
- Contributions: The maximum contribution per year is $5,000 or 100% of your earned income, whichever is less. Individuals who are age 50 or better may make an additional catch-up contribution of up to $1,000 per year.
- Distributions: Withdrawals are taxed as ordinary income. Qualified distributions can begin at age 59 ½ and must begin by age 70 ½. A penalty tax may apply for withdrawals made before age 59 ½.
BestBank offers IRA Certificates of Deposit ranging from six months to five years. IRAs offered through BestBank are FDIC insured.