Saving for Your Retirement with an IRA
Every American has to consider how he or she will create a dependable income for retirement. An individual retirement account (IRA) is a real solution for everyone - offering two distinct plans for you to contribute to your future, Traditional IRA and Roth IRA.
What are the basic differences between Traditional & Roth individual retirement accounts?
Traditional IRA contributions are deductible from your taxes if you qualify, so your money grows on a tax-deferred basis. Distributions are generally taxable.
Roth IRA contributions are not tax deductible, but distributions can be withdrawn tax-free if you qualify.
If you're interested in an IRA, visit your Pioneer Bank for more information on eligibility requirements and how to become a participant. We accept 401(k) rollovers.
* Before making a decision between a Roth and Traditional IRA, consult with your tax advisor.
If you've changed jobs and have to move money from your former employer's 401(k) plan quickly, you can rollover your 401(k) plan to an IRA at Pioneer Bank.