Individual Retirement Accounts
Individual Retirement Accounts (IRAs) are a tax-advantaged savings plans established under the Internal Revenue Code to aid in saving for retirement and for education purposes. R-S Bellco offers Traditional, Roth and Coverdell Education IRA Accounts.
TRADITIONAL IRA
A Traditional IRA is an excellent way to increase savings for retirement. Earnings on IRA contributions accumulate tax-deferred during working years. Those earnings are not taxed until withdrawn in retirement years.
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Any member with earned income may contribute 100% of earned income up to $5,500 ($6,500 if you are 50 or older) in the previous year.
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A non-working spouse may also be eligible to contribute to a Traditional IRA in these amounts based on the working spouses earned income.
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Contributions to a Traditional IRA may be tax-deductible.
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Consult a tax professional for more information.
ROTH IRA
A Roth IRA is another excellent way to save for retirement.
IRA Accumulation (Savings) Accounts