What a great time to save for your retirement!
The maximum contribution you can make to a traditional IRA or a Roth IRA is an amount equal to your taxable compensation up to $6,500. Those of you age 50 or better can contribute an amount equal to your taxable compensation up to $7,500. This is commonly referred to as the “catch up” provision that allows older workers to contribute a higher amount as they get closer to retirement age.
You can contribute:
- If you have earned income from employment
- Contact your tax advisor for specific tax advantage and contribution guidelines
With a traditional IRA, your contribution is tax-deductible, but your gains will be taxable when you make withdrawals. Roth IRA’s have non-tax deductible contributions, but withdrawals at retirement will be made without taxes. Citizens Bank & Trust offers a host of traditional IRAs as well as Roth IRAs and Education IRAs. Funds are invested in Certificates of Deposit. Regular CD terms and rates are available for IRA’s.
Please contact Deidra Beilke or Crystal Robinson at 320-587-2233 for further details and assistance.
