Rates and products offered may differ from state to state. To see the rate and offering available to you, please select the state where you bank. (Your privacy is important to us—see our Privacy Notice)
The almost-annual changes to the income tax laws have created confusion about Individual Retirement Accounts (IRAs). This confusion has caused many people to ignore one of the most powerful tools available to help them secure a solid financial future.
Even with all the changes, IRAs can and should be a key part of the foundation of most people's retirement planning efforts. Here are some of the facts you should know to make fully informed IRA decisions:
For Traditional and Roth IRAs
When comparing regular and Roth IRAs, the trade-off is usually whether the loss of deductibility on current contributions with a regular IRA is worth the benefit of never having to pay income tax on distributions from a Roth IRA. Roth IRAs also provide more distribution flexibility. For many, the Roth IRA can result in superior long-term benefits.
Some General Guidelines