Individual Retirement Accounts (IRA)
Which IRA Is Right for You?
Stillman Bank offers three different types of IRA's that provide you with affordable ways to save for your retirement or a child's education. Choose one today and start saving for tomorrow.
The Traditional IRA is an account which allows you to defer taxes on your earnings until they are withdrawn. Contributions to a Traditional IRA may be tax deductible in the tax year for which they are made. (Consult your tax advisor regarding the tax deductibility for your particular situation.)
The Roth IRA allows for only nondeductible
contributions. However, the Roth features tax-free withdrawals for
certain distribution reasons after a five-year holding period. That's
the best part of the Roth IRA - you pay no federal taxes on any of
the earnings that your money generates (provided you withdraw the earnings
as part of a qualified distribution).
Qualified distributions are those taken after the five-year holding period for any of the following reasons: after reaching age 59½, a first-time home purchase, permanent disability, or in the event of your death.
Also, because the contributions to a Roth IRA are nondeductible, you can always get back your principal tax-free and IRS penalty-free for any reason.
Coverdell Education Savings Account
Education Savings Account (CESA) is used to pay for a child's educational
expenses. Contributions are nondeductible, but withdrawals are tax-free
provided that the money is used for qualified educational expenses
such as tuition, fees, books, supplies and equipment.
The total aggregate contribution into one or more CESA's on behalf of a child is $2,000 for a taxable year.
Turn to Us
The above information is just a glimpse of how our IRA products
can help you save for the future. There are numerous reasons to consider
an IRA for your investment needs. Likewise, there are many reasons
to turn to us when making those investments.
Remember that mutual fund companies aren't the only place to invest. When you invest with us, you're placing your money with people you trust in an environment where you know your funds are sound and secure.