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IRA’s are a wonderful way to invest in your future and in some cases, save on your taxes will doing so. Logan Bank & Trust offers Traditional, Roth, and Educational IRA’s, allowing our customers to choose the types that benefit them the most. It is important to remember that an individual can have more than one type of IRA account.
Traditional IRA: a tax-deductible contribution and tax-deferred earnings. Available to individuals under the age of 70½ with earned income.
Roth IRA: a non-deductible contribution with tax-deferred earnings. Available to individuals under the age of 70½ with earned income.
Educational IRA: not a true retirement account, but rather a savings plan for educational expenses. Contributions are non-deductible, but earnings and withdrawals for higher educational expenses are tax-free.
IRA’s can be invested in certificates of deposit or savings accounts.
Check with your tax accountant for eligibility and maximum contribution amounts. |
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