Individual Retirement Accounts (IRA’s) are specifically designed to help you save for retirement. Individuals can contribute up to $5,500 per year with an additional $1,000 “catch-up” contribution for those 50+. Choosing the right IRA is key. At Legacy Bank, we offer 2 different types of IRA’s to meet your needs and our personable staff is always ready to help walk you through the process.
A Traditional IRA may be a good choice if you are seeking a tax deduction now, your income is too high to be eligible for a Roth IRA, or expect to be in a lower tax bracket in retirement.
A Roth IRA may be a good choice if you are seeking tax-free withdrawals in retirement, want to avoid minimum distributions at age 70 ½, or will be in the same or higher tax bracket in retirement.