A Traditional Individual Retirement Account (IRA) may provide you significant, immediate tax savings and, due to the deferral of all taxes on earnings, the power of compound earnings is strengthened.

You can contribute to a Traditional IRA if you earn compensation and will not reach age 70½ by the end of the year. Earnings in a Traditional IRA are not taxed until they are withdrawn. The ability to defer taxes on the earnings, and to withdraw in a year when you may be in a lower tax bracket, can mean more after-tax dollars for your retirement.

You can invest up to $7,000 per year in a Traditional IRA account (or up to $8,000 if you are 50 or older).

You are eligible for penalty-free withdrawals from your Traditional IRA once you are age 59½ or older. Once you reach age 70½ you must take a required minimum distribution (RMD) every year. At 70½, you are also no longer eligible to contribute to a Traditional IRA (consider a Roth IRA if you would like to make contributions past this age).

With a Traditional IRA:

• Earnings accumulate tax deferred

• Contributions are tax deductible if you qualify​

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Roth Individual Retirement Accounts (Roth IRAs) offer unique savings opportunities. Roth IRAs give you an easy and safe way to plan for the future. Unlike traditional IRAs, contributions to a Roth IRA are not tax deductible.

The money in your Roth IRA, including earnings, can be withdrawn tax-free. You must conform to certain tax requirements to get this tax-free advantage. Contributions to a Roth IRA are not tax deductible. Qualified distributions from a Roth IRA may not be included as part of taxable income.

You are eligible to open and contribute to a Roth IRA if you or your spouse receives taxable compensation during the tax year. There is no age limit to opening a Roth IRA; however, there are limitations based on your Modified Adjusted Gross Income (MAGI) and your spouse.

The annual contribution limit on a Roth IRA for someone younger than age 50 is $7,000. The annual contribution limit for someone age 50 or older is $8,000.

With a Roth IRA:

• Contributions are allowed at any age
• Eligible withdrawals are tax-free
• Flexible withdrawal options are available

Some restrictions apply. 

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A Coverdell Education Savings Account (ESA) is the perfect tool for saving money to pay for your child’s educational expenses from kindergarten through college. Don’t let rapidly rising costs of higher education become a financial struggle. A Coverdell Education Savings Account lets you grow your savings free from federal taxes.

Contributions to a Coverdell ESA are never tax deductible and offer you the potential for tax-free withdrawals including earnings. You can save up to $2,000 per child, each year in your Coverdell Education Savings Account up until age 18.

The benefits of a Coverdell ESA include:

• Unlike state 529 plans, Coverdell ESAs can be used to pay for qualified elementary and secondary education expenses.
• Earnings grow on a tax-deferred basis, and distributions are tax-free if the money is used to pay qualified education expenses.
• Qualified Higher Education Expenses are:
  • Tuition, fees, books, supplies, and equipment required for the enrollment or attendance of the designated beneficiary at an eligible higher-education institution.
  • Room and board are also eligible expenses if the student is enrolled at least half-time.
• Does not require earned income.

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