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IRA (Individual Retirement Arrangement)
An Individual Retirement Arrangement (IRA) is a powerful tool that allows you to save for retirement with potential tax advantages. Think of it as a personal savings plan specifically designed to help you build a comfortable future. We offer two main types of IRAs: Traditional and Roth. Understanding the difference is key to choosing the right path for you.
Traditional IRA
Imagine your investment earnings growing year after year without being taxed along the way! That's the potential of a Traditional IRA.
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How it Works: You contribute funds now, and those contributions may even be tax-deductible in the year you make them (subject to IRS eligibility rules based on your income, filing status, and other retirement plan coverage). Your money then grows tax-deferred, meaning you won't pay taxes on the earnings until you withdraw them in retirement.
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Key Benefit: The potential for tax-deductible contributions now can lower your current taxable income.
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Important Note: When you withdraw funds in retirement, those withdrawals will be subject to federal income tax.
Roth IRA
What if you could pay the taxes now and enjoy tax-free withdrawals in retirement? That's the core advantage of a Roth IRA.
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How it Works: Contributions to a Roth IRA are never tax-deductible. However, the beauty lies in the future: when you make qualified withdrawals in retirement, they are completely tax-free – your contributions and your earnings!
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Key Benefit: Enjoy tax-free income in retirement, providing greater certainty and potentially more control over your retirement funds.
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Important Note: While contributions aren't tax-deductible now, the long-term tax-free growth and withdrawals can be incredibly valuable.
View the IRA disclosure
HSA (Health Savings Account)
A Health Savings Account (HSA) is a triple-tax-advantaged account designed exclusively to help you save and pay for qualified medical expenses. It's like a personal healthcare savings plan with significant tax benefits.
Here are some of the benefits of an HSA:
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Contributions are tax-deductible
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Earnings are tax-deferred
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Withdrawals are tax-free if used for qualified medical expenses
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Your balance carries over from year to year
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HSA funds are always yours, regardless of change in employment
HSA owners are eligible to contribute to HSAs for any month if they are:
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Covered under a high-deductible health plan (HDHP)
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Not also covered by any other health plan that is not an HDHP (with limited exceptions)
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Not enrolled in Medicare
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Not eligible to be claimed as a dependent on another person’s tax return
Anyone may contribute on behalf of an eligible person, and there can be multiple contributors. However, the most likely contributors are HSA owners, their family members and their employers.
View the HSA disclosure
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