Saving for retirement doesn’t have to be a burden. Start saving today for tomorrow with a Traditional or Roth IRA. An IRA is an Individual Retirement Account, often offered through an employer, but also available to set up on your own as a member of the workforce.
Opening a Traditional IRA
The Traditional IRA available through Ion Bank is a Certificate of Deposit (CD) account with a 3- to 60-month term that grows free from tax until withdrawn. Contributions may also be tax deductible1.
If you are under the age of 70 ½ for the entire tax year, you may be qualified to open and contribute to a Traditional IRA if you have employment-related income.
A Roth IRA lets you:
- Invest after-tax dollars
- See your investment grow tax-deferred
- Take qualified distributions from your account without tax or penalty2
Account holders have the option of making withdrawals at any time, but if not qualified, the amount may be subject to taxes. Unlike a Traditional IRA, there are no required withdrawals and, as a result, funds may be left intact indefinitely.
¹ Ask your tax advisor for more details.
² There is a single, five-year holding period when determining whether earnings can be withdrawn federally tax-free as part of a qualified distribution from a Roth IRA. This period begins January 1 of the year of the first contribution to any Roth IRA account.