Retirement Options for Your Future

Investing for retirement is always at the top of every employee’s mind. It is important to put a little money away every month from your income, for your retirement days. After being independent for many years, it is better to have your money after retirement than depend on your family and friends. A retirement benefit plan can be deducted straight from your income, commissions or salary. Heritage bank offers Individual Retirement Arrangement (IRA) plans both traditional IRAs and Roth IRAs.

Difference Between Traditional IRA and Roth IRA

Traditional IRAs may be partially or fully deductible. They are not taxed in the present year of contribution. Tax is deferred until the year of distribution. This means that they are not tax-exempt and should not be reported as exemptions during annual tax returns. Roth IRAs are taxed upon contribution. This means that upon retirement you will withdraw your IRA savings and gains in full and tax-free. You cannot contribute to a Roth IRA plan if you have a high income. It has an upper limit for both single-and-married contributors.

How to Invest for Retirement

You need to open an IRA account. Opening an Individual Retirement Arrangement can be overwhelming when trying to find the right one. An officer at Heritage bank will help you choose. You will be advised on each plan benefits like interest, rollovers and other benefits.  We will assist you every step of the way to establish your choice of IRA.

You need to find out your suitable contribution amount. The contributions for IRAs are calculated on the total income. However, if you want to contribute more than the minimum, you can. The contributions can be deducted directly from your account. The total savings and interest earned over the years is largely dependent on your contribution. Statutory IRAs are easier to save than voluntary-ones. If you contribute voluntarily you need to pay diligently until retirement to enjoy all the benefits.

It’s never too early to start planning for retirement. Heritage Bank offers both Traditional and Roth and Traditional IRA as a part of a range of financial services aimed at making your retirement as comfortable as it can be. One of our professionals at your local branch can help you plan now to have the retirement you want waiting for you. To find out more about IRAs with Heritage Bank contact a customer service representative at 770-478-8881.