From preparation to implementing your retirement plan, First Metro Bank Financial Services is here to guide you through the retirement process.
Individual Retirement Accounts (IRAs)
Individual Retirement Accounts (IRAs) can offer tax advantages. IRAs offer consumers a way to invest so that any growth in the account is tax-free until withdrawal.
- Invested earnings remain tax-deferred
- Contributions can be tax-deductible or you may be able to make non-deductible contributions
- Taxes are paid at the time distribution
- Must begin distribution at age 70 ½
- Withdrawals made prior to turning 59 ½
- Earnings are tax-free; however, contributions are made after tax
- After the age of 59 ½, qualified distributions are tax-free
- Must be at least 21 years of age
- Employer established and funded IRA
- For clients who choose to transfer assets from one retirement account (such as an IRA, 401k, or other deferred income account) to another retirement account
- Allows the value to remain tax-free until withdrawal begins and allows controlled investments
Contact us for more information.