A retirement fund can be the key to retirement fun
Retirement means having more free time than ever before. Time to connect with old friends, make new ones, embrace family, travel frequently, and pursue hobbies with fresh passion. How can you afford all this happiness? One answer is to open a tax-advantaged Individual Retirement Account, make regular contributions, and grow your money with the help of interest earnings.
- Stock Growers Bank offers both Traditional and Roth IRAs
- Deposit funds in Certificates of Deposit, a savings account - or both
- With Traditional IRAs, you may be able to take an income tax deduction for any year you make a contribution
- With Roth IRAs, all qualified withdrawals are tax-free
- With both Traditional and Roth IRAs, annual interest income is tax-exempt
- Consult your financial advisor or Stock Growers Bank representative for more IRA details.
Simplified Employee Pension
SEPs are retirement plans often used by self-employed individuals and owners of small companies.
- SEPs have lower overhead than traditional 401(k) retirement plans
- Employers can choose to contribute a certain percentage of employee income into a retirement plan
- A SEP is quite similar to a Traditional IRA in terms of tax rules and investment options
- Contribution limits are often higher for SEPs than they are for IRAs
- Consult your financial advisor or Stock Growers Bank representative for more SEP details
Coverdell Education Savings Accounts
Coverdell accounts are often grouped with IRAs because they share similar tax benefits. But the purpose is quite different. ESAs are an effective way to set aside funds for costs associated with higher education or private elementary and secondary schools.
- Contribute up to $2,500 per year per child, up through age 18
- Contributions can come from parents, grandparents, aunts, uncles and other relatives
- Annual interest earnings are tax-exempt
- All qualified withdrawals are tax-free
- Funds can be spent on tuition, room and board, academic fees and school-related equipment, such as laptop computers
- ESAs are compatible with other education saving accounts, such as 529 Plans
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