Saving up for retirement is an important step, but there are a few options to consider before getting set up with a new account. An increasingly popular option is an Individual Retirement Account or IRA savings account. Sunrise Banks offers both Traditional and Roth IRA savings accounts to help you prepare for retirement. These two types of IRA savings accounts feature different tax considerations and unique benefits that cater to different goals or lifestyles. Take time to weigh each option before opening your own IRA savings account!
Traditional IRA Savings Account1
- Certain contributions can be tax-deductible in the tax year for which you make them
- Receive tax deferments on your earnings until they are withdrawn
Roth IRA Savings Account
- Make nondeductible contributions
- Contributions are taxed in the year they are earned
- Receive tax-free withdrawals for certain distribution reasons
Consult with a tax advisor before opening an IRA account. Yearly contribution limits may apply.
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