Bank @lantec, a division of Dollar Bank, FSB, can offer you very attractive savings and investment options, whether you are looking to build a solid financial future for retirement or making sure you have enough to fund your children’s college expenses. Enjoying a comfortable tomorrow requires careful planning today.Check out our amazing rates!
We can assist you in establishing a financial plan and setting up your Traditional IRA, Roth IRA or Coverdell Education Savings Account depending on your needs.
The IRS has announced for the 2013 tax year, the dollar limits for IRA contributions are:
$5,500 if you are age 49 or younger,
$6,500 if you are age 50 or older
Make contributions to your future retirement and deduct it from your taxes today.
Contributions to the Traditional IRA are made up to specified limits and are tax-deductible depending on the taxpayer's income, tax-filing status, and coverage by an employer-sponsored retirement plan.
When you make withdrawals at retirement they are treated as ordinary income and may be subject to income tax. However, since your income is likely less once you retire, you may be taxed at a lower rate.
Avoid paying taxes on your retirement contributions when you make a distribution of funds at retirement.
The Roth IRA provides no deduction for contributions, but instead provides a tax benefit when funds are withdrawn at retirement. If you meet certain requirements, all earnings are tax free when you or your beneficiary withdraws them.
Other benefits include avoiding the early distribution penalty on certain withdrawals, and eliminating the need to take minimum distributions after age 70½.
Do skyrocketing college costs have you concerned about your child’s education? With a Coverdell Education Savings account you can accumulate funds for your child’s education and have your earning grow tax-exempt.
The money saved can be used for college, trade school or even secondary education if needed. Withdrawals from your Coverdell Education Savings account used to pay qualified education expenses are generally tax- free.