Individual Retirement Accounts (IRAs)
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An IRA can help secure financial security...
- IRAs are insured separately by the FDIC regardless of additional First Fidelity account relationships
- Contributions to an IRA account may be made up until the designated personal tax filing date, generally, April 15th following the end of the tax year
- Contributions may be made to an IRA throughout a current tax year
First Fidelity Bank offers a variety of IRA options to meet your needs. Learn about the various options below:
Interest is tax deferred. In some cases, the contributions to a Traditional IRA is tax deductible. The individual may not be a participant in an employer-sponsored pension or profit sharing plan and must meet IRA income requirements.
Interest earned is tax free. All withdrawals, including earnings, are tax free if the account has been opened for five years and the account holder is age 59 1/2 or older. Withdrawals that do not include earnings are tax free at any time. Consult a tax advisor.
Traditional IRA vs Roth IRA
Should I open a Roth IRA? A Traditional IRA? Or put a little money in both? These are questions many taxpayers ask.
Generally, a Traditional IRA may be beneficial if you are eligible to make deductible contributions and expect your tax rate during retirement to be lower than it is today. On the other hand, a Roth IRA may be a wise choice if you expect your tax rate to be the same or higher during retirement.
The answer depends on each unique situation, and a Financial Advisor can help you choose an IRA that's right for you.