More gold for your golden years.
Individual Retirement Accounts (IRAs) are a great way to save and invest money for retirement. Anyone under age 70½ can open an IRA – unlike a 401(k), these accounts aren’t dependent on your employer.
Why open an IRA?
You can save taxes with a retirement account that you can’t save with other types of accounts.
Money from a regular savings account or investment is effectively taxed twice – you’re taxed on your income before you make a deposit or purchase stock, and you are taxed on any returns you earn with that account or investment.
With an IRA, you pay fewer taxes, and you get to decide how you are taxed, based on the type of IRA you choose.
- Traditional IRA – This option effectively taxes your money later, instead of now. You make a contribution to your IRA and then deduct that contribution from your taxes, which means you have more potential money to invest up front. Then, when you’re ready to withdraw money from your IRA at age 59½ or older, you’ll pay taxes on the full amount.
- Roth IRA – This option taxes your money now, instead of later. You invest income without a tax deduction, and when it’s time to withdraw that money from your IRA at age 59½ or older, you don’t have to pay any more taxes on it, no matter how much it has grown.
Call us to talk through which will be best for your needs.
Deposits will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000.00), for each deposit insurance ownership category. For more information, visit www.fdic.gov.
Open an IRA
Ways to invest your IRA at Security State Bank & Trust
There are a variety of ways you can invest the money in your IRA. At Security State Bank & Trust, we offer certificates of deposit (CDs).
- Minimum deposit range from $100 and up depending on the term
- Terms from 3 months to 5 years
- Interest rates are tiered by the term
- Various terms and products available to fit individuals needs
- FDIC insured up to $250,000
Looking for more advice?
We can advise you on a whole spectrum of investment options through SSB&T Wealth.
The folks here always give 5-Star Customer Service! I could not ask for a better experience every time I visit the Spicewood Branch. I highly recommend their services.
