Introduction
While retirement may seem far off, it’s important to start investing in your post-job life as soon as possible. Every dollar you put into a retirement account today has the opportunity to grow over time, so consider the contributions you make now to be a present to your future self. And believe us: you’ll be thankful for it.
Roth IRAs
Roth IRAs are great because they allow for tax-deferred growth. Contributions to a Roth IRA are not tax-deductible. However, when the Roth IRA has been held for five years and is used after the customer reaches age 59 ½, the funds can be withdrawn tax-free. Contributions may be made through April 15th for the previous tax year, and individuals over age 50 may be eligible to make an additional catch-up contribution.
Traditional IRAs
Traditional IRAs allow you to make contributions that are generally tax-deductible. The funds grow tax deferred until they’re used for retirement (after age 59 ½). Contributions may be made through April 15th for the previous tax year, and individuals over age 50 may be eligible to make an additional catch-up contribution.
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