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CelebrateHow do you Bank?

Individual Retirement Accounts

You're part of the generation that never expected to retire with Social Security alone. Cost of living increases and the growing number of years in retirement make supplemental retirement accounts a must.

One of the most effective ways to accumulate additional assets for retirement is through individual retirement accounts (IRAs).


Traditional IRA
Offers excellent tax advantages while you build your retirement savings. You pay no taxes on Traditional IRA earnings until distribution. This allows you to reap the full benefits of compounding. Contributions are tax deductible, up to certain income limitations.

To open a Traditional IRA, you must be under the age of 70 1/2 for the entire tax year, and just like the ROTH IRA, contribution limits per year do apply.

ROTH IRA
ROTH IRAs are made with after-tax dollars. When you withdraw your earnings, you are not subject to income taxes. There are income limitations to participate in a ROTH IRA but no age restrictions to open a ROTH and contribute. A ROTH IRA may be used, without penalty, at age 59 1/2, death or disability or first-time home purchase.

Inherited IRAs
If you’re the beneficiary of an IRA, opening an inherited IRA will preserve the tax-deferred status of the account. Without immediate need for the cash, opening an inherited IRA helps you avoid taxes that would be due if you were to take the assets as a lump sum.

Custodial IRAs
A Custodial IRA makes it possible to set up a retirement account for a minor so that he or she can benefit from tax-free or tax-deferred growth. Custodial IRAs require that an adult be named as custodian of the account until the minor reaches the age when he or she can take control of the assets. This could be the right choice for you if you’re the parent of a child under 18 who has earned income.


Self-Directed IRAs*
 First Independent Financial Advisors* are able to offer the above self-directed IRAs, where you control how and where your money is invested. As an investor, you are able to choose from stocks, bonds, mutual funds, unit investment trusts and much more.

Ready to make a retirement plan? Visit any First Independent banking center to learn more about retirement options.


* First Independent Financial Advisors is a marketing name for products and services offered by PRIMEVEST Financial Services, Inc. is an independent, registered broker/dealer and registered investment adviser. Member SIPC / FINRA. Securities and insurance products offered by PRIMEVEST: Not FDIC insured. May go down in value. Not financial institution guaranteed. Not a deposit. Not insured by any federal government agency. Advisory services may only be offered by Investment Adviser Representatives in connection with an appropriate PRIMEVEST Advisory Services Agreement and disclosure brochure as provided.

 

View PRIMEVEST  privacy policy and other important information.

 

Financial Advisors are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with residents of other states will only be made upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.