IRAs are a good retirement saving tool and can provide tax advantages as well.
With a
1st Source IRA you’ll enjoy competitive interest rates and a secure environment for building a comfortable retirement.
You also have a few types of IRAs to choose from:
Traditional IRA
- Contributions may be tax-deductible in the year they’re made.
- Save now, pay later: your money grows tax-free until you begin taking distributions, at which time you’ll pay taxes on both your contributions and your earnings.
- Anyone under the age of 70½ who has an earned income can invest in a Traditional IRA-CD.
- Consult your tax advisor for more information.
Roth IRA
- Contributions are not tax-deductible, but distributions are generally tax-free.
- Anyone who has an earned income can invest in a Roth IRA – there are no age restrictions, since contributions are funded with after-tax dollars.
- Participation in a 401(k) plan isn’t a factor in determining contribution amounts. Consult your tax advisor for more information.
Coverdell Education Savings Account (ESA)
- Contributions are not tax-deductible.
- Withdrawals are tax-free when used for a child’s qualified higher education expenses.
- Consult your tax advisor for more information.