They say life is a marathon not a sprint. So it might be wise to step back and look at the big picture. Are you planning ahead for your retirement years? If not, now is the time to start.
At Signature Bank of Arkansas, we can help you set up a savings plan that works for your long-term goals. Earn interest and get possible tax advantages that make saving easier. Open one today to help build a better tomorrow.
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Summary
- Set aside funds for retirement
- Interest bearing account
- Traditional and Roth IRAs available
- Wide variety of savings instruments to choose from
- Various available tax advantages
- Penalty for early withdrawal
Consult your tax advisor to learn more about IRA Tax Advantages
Traditional v. Roth
Traditional IRA
- Dividend earnings are tax deferred until withdrawal
- Contributions may be tax deductible, (please consult your tax advisor)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty*
- Mandatory withdrawals begin at age 70½
Roth IRA
- Dividend earnings are tax free
- Contributions are NOT tax deductible
- Principal can be withdrawn penalty-free
- Withdrawals of earnings can begin at age 59½; early withdrawals subject to penalty*
- No mandatory withdrawals
Consult your tax advisor to learn more about these retirement options.
*Certain exceptions apply. Non-penalized withdrawals include healthcare, purchasing first home, etc.
