Individual Retirement Arrangement (IRA's) are personal savings accounts that can help overall retirement planning. Consult your tax advisor to see what IRA is best for you.
TRADITIONAL IRA
- Some contributions tax deductible
- Tax-deferred earnings
- Most distributions taxable
ROTH IRA
- Nondeductible contributions
- Tax-deferred earnings
- All qualified distributions tax-free
- Some nonqualified distributions tax-free
SIMPLE IRA
- Employer & employee on behalf of employee-employer must have an established Simple IRA plan
- Employee deferrals
- Employer deductible contributions
- Tax-deferred earnings
- Distributions taxable
SEP (Simplified Employee Pension)
- Contributions under a SEP plan are made to traditional IRA
- Employee deferrals
- Employer deductible contributions
- Tax-deferred earnings
- Distributions taxable
HEALTH SAVINGS ACCOUNTS
- Not technically considered an IRA are tax-favored consumer savings arrangements for individuals & families covered by high deductible health insurance plans
- Tax-deductible contributions
- If amounts are used for qualified medical expenses, tax free distributions
- Need to be self-employed or employed
- No termination date for the HSA program
COVERDELL EDUCATION SAVINGS ACCOUNTS (ESA's)
- We do not offer
