Individual Retirement Accounts (IRAs)

You work hard today so you can enjoy life tomorrow—and a strong retirement plan starts with the right savings tools. 

One of the most effective ways to prepare is through an Individual Retirement Account (IRA)—Traditional IRAs and Roth IRAs are two of the most powerful retirement savings tools available. While both offer tax advantages, they differ in how and when you receive those benefits:

• Traditional IRAs allow you to make tax-deductible contributions today, which can lower your current taxable income. Your money grows tax-deferred, and you’ll pay taxes when you withdraw funds in retirement.
• Roth IRAs are funded with after-tax dollars, meaning your contributions aren’t deductible—but your money grows tax-free, and qualified withdrawals in retirement are also tax-free.

Choosing the right type of IRA depends on factors like your current income, tax bracket, and long-term goals. Questions to consider include:

• Will I be in a higher or lower tax bracket when I retire?
• Do I want immediate tax savings or tax-free income later?
• What are my income eligibility limits for contributing to a Roth IRA?
• How do Required Minimum Distributions (RMDs) affect my plan?

We can help you weigh these factors and make the choice that’s right for you.

At Central Bank, we’ll guide you through every step—from opening an IRA to maximizing your contributions and planning for withdrawals—so you can retire with confidence and clarity.

Now is the time to get started. Call us today at (866) 236-8744 or stop by any location to learn more.