IRAs
IRAs are no longer just a savings plan to supplement your retirement needs. Sometimes retirement money can be used for a first-time home purchase or even qualified college education expenses.*
Traditional IRA
A Traditional IRA is an individual retirement arrangement in which you can make a pre-tax contribution.
Features
- Long term savings
- Flexible contribution amounts
- Earnings are tax-deferred
Eligibility
- No age requirement
- Taxable earned income
Roth IRA
A Roth IRA is an individual retirement arrangement where your money grows tax free.
Features
- Long term savings
- Flexible contribution amounts
- Qualified distributions are tax-free
Eligibility
- No age requirement
- Taxable earned income
Coverdell Education Savings Account (ESA)
A Coverdell Education Savings Account (ESA) allows you to save for a child’s future. Your money will grow tax-free. Tax-free withdrawals can be made for qualified education expenses.
Features
- Long term savings
- Limited contribution amounts
- Tax-free
Eligibility
- Beneficiaries must be under the age of 18 years old
*For tax information and guidance, please contact a tax professional.