Retirement Accounts
Save now so you can retire on your terms!
Traditional IRA
- Contributions are tax-deductible if you are not an active participant in an employer retirement plan or your income does not exceed certain limitations.
- Investments grow tax-deferred
- Contributions and earnings are taxed only upon withdrawal
Roth IRA
- Contributions are not tax deductible
- Contributions and earnings can be withdrawn tax free with limitations
- Can convert traditional IRA to a Roth IRA and enjoy tax-free withdrawals
- Subject to income tax
Coverdell Education Savings Account
- Earnings grow tax-free
- Can be used to pay qualified elementary school, secondary school, and higher education school
- No tax deduction for contributions
