An IRA is an ideal way to save for retirement, while taking advantage of tax benefits and a better return on your money today. Individuals may contribute up to $5,500 per year and couples up to $11,000. If you are aged 50 or older you may contribute an additional $1,000 per year.
- Terms from 6 months to 5 years
- Interest earned is tax deferred until withdrawn*
- Annual contributions may be tax deductible**
- Contributions from earned income may be made until age 70 ½
- Distributions must begin at age 70 ½
* Substantial penalty for early withdrawal.
** Certain restrictions may apply. Consult your tax advisor.