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We know that planning for the future is important, otherwise we would not be the only locally owned and operated Bank in Monroe County. We have financial representatives available who can help you plan for your future without putting a pinch in your budget. Listed below are products available that can help your money grow and make your retirement years more enjoyable.
- You do not pay taxes on investment earnings until they are withdrawn;
- The impact of compounding on tax-deferred earnings can far outpace savings in comparable taxable accounts;
- Contributions may be fully or partially deductible, depending on your participation in an employer's retirement plan and your level of income; and
- Those who do not meet requirements for a deductible traditional IRA or the new Roth IRA can still contribute to a non-deductible IRA and benefit from tax-deferred earnings.
- Once an account is five years old, withdrawals after age 59 ½, on or after your death or disability, or for the purchase of a first home (limited to $10,000.00) are free from federal taxes;*
- Single and joint filers in income brackets that exceed the traditional IRA's deductibility limits may be eligible to make a full Roth IRA contribution;
- Roth IRAs allow you to withdraw your previously taxed contribution dollars before you begin to tap account earnings.+ This may help you to avoid or minimize taxes when your withdrawal is premature or does not qualify as an exception;
- You can contribute as long as you have earned income; the traditional IRA suspends contributions at age 70 ½; and
- There are no requirements for minimum withdrawals after age 70 ½.
- Helps stretch college savings for parents who may be financially burdened;
- Money contributed to an account accumulates tax-free; and
- All withdrawals used for college expenses are also tax-free (if withdrawn prior to age 30).
- Can be ideal for small business owners and self-employed people;
- Any contributions made by the employer may be tax deductible;
- May allow for larger contributions than with traditional IRAs; and
- Good tool for employers for employee retention and recruitment.
Understandably, the analysis that accompanies this kind of decision-making can be confusing. That is why we invite you to drop Jean an e-mail, or call her. She will be happy to help you review your own situation in light of these important choices.
*State and local taxes may apply
+May not apply to Roth Conversion IRAs.
Securities products offered through Registered Representatives of Securities America, Member NASD & SIPC, 118 North Main, Paris, MO 65275, (660) 327-4181. Securities America is not a subsidiary or control affiliate of The Paris National Bank. Each firm is independently responsible for the products and services they provide. Products offered through Securities America: NOT FDIC INSURED; NO BANK GUARANTEE; MAY LOSE VALUE.
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