Insured IRAs
It's almost here - the big R. Or maybe its 10, 20, even 40 years away. It's never too early to start saving for retirement. The more you save, the more options you have for a comfortable lifestyle.
First Independent offers FDIC-insured as well as non-FDIC-insured IRA accounts:
- An insured IRA is backed by FDIC insurance up to $250,000 and guarantees a rate of return.
- An uninsured IRA is offered as part of brokerage services with no guarantee of insurance or rate of return.
First Independent offers two insured IRA options: IRA Savings and IRA CD.
IRA Savings
You can start saving for retirement with as little as $100.
It's as easy as 1 - 2 - 3.
1. See how much you can earn when you save: Retirement Planner.
2. Visit any First Independent banking center to schedule a meeting with an IRA Specialist today.
3. Start saving with easy monthly auto transfers.
IRA CD
Need to make sure your money is safe and secure as you near retirement? check out great rates on 18-month IRA CDs.
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.
