Individual Retirement Accounts
If retirement is close at hand or a distant dream, a little bit of planning can go a long way. An Individual Retirement Account (IRA) is a popular retirement plan that provides tax-advantaged savings for retirement. It can be used as an effective way to supplement other long-term savings vehicles. Golden Bank offers both Traditional and Roth Individual Retirement Accounts to meet your retirement needs.
Traditional IRAs
- Most contributions are tax deductible, however, certain restrictions apply. Consult your tax adviser for details.
- Contribution deadline is the regular tax-filing deadline for the tax year.
- Any individual younger than 70 ½ who has compensation is eligible to make a contribution.
- Earnings remain tax deferred until distributed from the IRA.
- Traditional IRA distributions may be free from IRS imposed penalties after age 59 ½.
- Required Minimum Distributions on Traditional IRAs are mandatory upon reaching age 70 ½.
Roth IRAs
- Contributions are nondeductible, but earnings are tax-free.
- Any individual can continue to make Roth IRA contributions after reaching age 70 ½.
- No Required Minimum Distributions.
- Contribution deadline is the regular tax-filing deadline for the tax year.
For more information on terms, rates, and requirements, please call our main office at (713) 777-3838.