Individual Retirement Accounts (IRAs) are intended to be special savings accounts to encourage people to save for retirement. They have numerous benefits, especially tax benefits such as: tax-deferred earnings on contributions, tax deductions for contributions and more.
There are certain rules about opening IRAs, contributing to them, and distributing from them. For example, limits exist as to how much money can be contributed to an IRA yearly. Another example, anyone with a Traditional IRA can start taking distributions at age 59 ½ and must take distributions when turning 70 ½.
Leighton State Bank offers a full line of Traditional, Roth, SEP and Flex IRAs, as well as Health Savings Accounts. Contact us for more information about tax benefits from having an IRA. Please remember the contribution deadline for 2012 tax benefits is April 15, 2013. Let us know how we can help meet your IRA needs!