WHAT YOU NEED TO KNOW ABOUT IRA’S |
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In the world of banking there are a lot of acronyms, but we are here to help you. Today's topic is...IRA's! IRA = Individual Retirement Account. It is a type of investment or savings account that comes with tax benefits to help you save for retirement. I know what you're thinking...retirement is forever away! But you MUST start saving now so you are prepared. Only 1 in 3 American's are currently saving for retirement. Not savings is a scary thought, considering you probably want to retire someday. But, if you don't have a retirement fund then you may never get that opportunity. A huge bonus to an IRA is that the money you put in can be tax deductible. That means if you make $40,000 a year and put $4,000 into your IRA, then your taxable income would go down to $36,000. Also as long as your money is kept in the IRA, it doesn't get taxed. At Liberty National Bank our IRA's include
If you have any questions or are ready to open an IRA and start saving, contact us today at 855-351-2265 |