They say life is a marathon, not a sprint. It might be time to slow down and look at the map. Where are you headed? Are you saving enough? Do you have a plan for retirement? At Signature Bank of Arkansas, we can help you set up a savings plan that works for your long-term goals. Through IRAs, you can 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- Principal can be withdrawn penalty-free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.
