IRA : Individual Retirement Account
Save For Your Golden Years
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Our IRA Accounts are accumulation accounts that provide you with a competitive return and no principal risk (on balances $100,000 and less). Dividends are paid monthly and credited to your account on the 1st day of the following month. In addition, there are no administration or annual fees associated with our IRA accounts.
First Class offer the following types of IRAs
Traditional IRA Accounts
Roth IRA Accounts
Coverdell IRA Accounts
Traditional IRA
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A traditional IRA brings you significant up-front tax advantages, and with less money taken out for taxes, the power of compound earnings is strengthened.
With a Traditional IRA
Earnings accumulate tax-deferred
Contributions are tax-deductible if you qualify
The amount you can contribute is increasing
What is a Traditional IRA?
A Traditional IRA is a type of retirement plan that has been in existence since 1975. Traditional IRAs offer tax deferred earnings and the possiblity for tax-deductible contributions. These tax advantages make the traditional IRA a powerful tool in creating a balanced, long-term savings plan.
Roth IRA
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Roth IRAs offer unique and exciting savings opportunities, and they've gotten better over the years. Roth IRAs give many members an easy and safe way to plan for the future.
With a Roth IRA
Contributions are allowed at any age
Qualified distributions are tax-free
Flexible withdrawal options are available
The amount you can contribute is increasing
What is a Roth IRA?
A Roth IRA is an individual retirement account created by the Taxpayer Relief Act of 1997. Name for former Senate Finance Committee Chairman William Roth, Jr., this IRA offers more incentives to boost your retirement savings, as well as more ways to use your nest egg.
Coverdell Education Savings Account
Formerly the Education IRA
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Seeing a child work toward a college degree is a parent's dream. But with rapidly escalating costs of higher education, this dream can become a financial nightmare. A Coverdell Education Savings Account (ESA) can help parents sleep at night.
The main benefits of a Coverdell ESA include
Unlike state 529 plans, Covedell ESA's can be used to pay for qualified elementary and secondary education expenses
Earnings grow tax-free if distributions are used for qualified education expenses
What is a Coverdell Education Savings Account (ESA)?
The Taxpayer Relief Act of 1997 created the Education IRA, now known as the Coverdell ESA. Its sole purpose is to help you pay for your child's education expenses, such as tuition, fees, books, supplies, equipment, and in some cases, room and board and computers. These options were improved by the Economic Growth and Tax Relief Reconciliation Act of 2001.
Remember, it's never too late to start planning your retirement.
For more information or to setup your account today, call or stop in!
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