Everyone dreams of enjoying good times during their golden years. The key to making those dreams come true? A long-term savings plan. With a Traditional or Roth IRA, annual contributions, interest earnings and tax advantages combine to help you build the retirement nest egg you need to do everything you want.
Traditional IRA
- Contribute up to $7,000 per year ($8,000 if age 50 or over)
- Potential income tax deduction for each year you make a contribution
- All annual interest and dividend income is tax-deferred
- Begin making penalty-free withdrawals at age 59 ½
- Must begin taking minimum annual distributions at age 73
- Consult your financial advisor or a Cashmere Valley Bank representative for more details on Traditional IRAs
Roth IRA
- Contribute up to $7,000 per year ($8,000 if age 50 or over)
- All annual interest and dividend income is tax-deferred
- All qualified withdrawals are tax-free
- Begin making tax-free and penalty-free withdrawals at age 59 ½
- No minimum distribution requirements at any age
- Consult your financial advisor or a Cashmere Valley Bank representative for more details on Roth IRAs