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Overview of IRAs

Planning for retirement can seem complex and intimidating, so having the right partner to coach you and point you in the direction of financial freedom can make preparing for the future a much easier process. Adding an IRA in your portfolio can help to make your retirement dreams come true. Must have a savings account prior to opening.

You’ll Enjoy an IRA at Box Elder:

Tax-deductible contributions

Tax deferred dividends

No deposit or monthly service fees

We offer a variety of IRAs, including a Traditional IRA, ROTH IRA, SEP IRA and a Coverdell Education Savings Account. Each IRA offers different tax advantages and benefits.

Traditional vs. Roth. What’s the difference?

Traditional IRA

For anyone under age 70 ½ who has earned income or files jointly with a spouse who has earned income, plus anyone who has received a distribution from a qualified retirement plan and moves the proceeds into an IRA. Below are the specific benefits:

  • Earnings grow tax-deferred until withdrawn*
  • Contributions may be tax-deductible
  • Penalty free withdrawals for qualified education expenses, first time home purchase and qualifying medical expenses
  • Anyone with earned income may contribute up to age 70 ½
  • All earnings and deductible contributions are taxable upon withdrawal

Roth IRA

For anyone who has earned income and your modified adjusted gross income is less than the defined limits. Specific benefits include:

  • Earnings are tax-free at withdrawal*
  • Contributions are not tax-deductible
  • Withdrawals are tax-free if the account is open for five years
  • Penalty free withdrawals for qualified age of 59 ½, disability, death or a first time home purchase
  • No age restrictions. Withdrawals not required at age 70 ½

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