Individual Retirement Accounts
Tax reform has left many people wondering about
an IRA. Is it still a good investment? Am I eligible? Are my
contributions deductible?
If you're confused by a lot of "IRA talk," we'd
like to sort things out with a few simple and straightforward
facts.
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An IRA still gives you the benefits of
tax-deferred interest. Even with tax law changes, an IRA is a
great way to save for retirement. That's because today's IRA
still offers tax-deferred interest on all your deposits. Over
the years this can add up to plenty of savings for you!
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If you were eligible for an IRA before tax
reform, you still are. Tax reform did NOT affect your
eligibility for contributions (only for deductibility of those
contributions.) No matter what your income or what type of
pension plan you have at work, you can look forward to the
retirement benefits of an IRA.
-
You may still be able to deduct all or part
of your contributions. The fact is, most taxpayers can deduct
some, if not all, of their IRA contributions.
See your Personal Banker about all your IRA
questions.
Even if your contribution is not deductible, it
still makes sense to have a nondeductible IRA because you can
enjoy the advantages of tax-deferred earnings and growth.
So all rumors aside...there's still plenty of
interest for you in an IRA!
Take advantage of
our retirement calculators!
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