Individual Retirement Accounts (IRAs)
Having an IRA is a good way to help prepare for your retirement. Individual Retirement Accounts (IRAs) offer a number of tax advantages that allow individuals to save tax-free or tax-deferred to help meet their long-term investment goals. There are many types of IRAs, but the two most common are:
Traditional IRA: Allows you to save money without paying taxes until you withdraw it from the account. The money you add to your IRA can lower your taxable income and grows tax-free while it remains in the account.
Roth IRA: A variation on the Traditional IRA, a Roth IRA provides different tax incentives to investors eligible to participate. Contributions are made with after-tax assets and withdrawals are usually tax-free.
Other IRA options include Coverdell Education IRAs and Simplified Employee Pension IRAs.
Establishing your IRA at First Bank of Highland Park could not be easier. In addition to annual contribution deposits, we accept IRA Transfers (cash only) from other financial institutions, Rollover Contributions, and Direct Rollover Contributions from employer sponsored plans.
IRS regulations regarding IRA contribution limits and types of accounts are constantly changing. Consult a Tax Professional to determine how a First Bank of Highland Park IRA can be part of your financial plan.