Individual Retirement Accounts (IRAs)
Individual Retirement Accounts for Carthage, Clayton, and Watertown, NY Residents
Planning for retirement is a crucial step in guaranteeing your own peace of mind as well as a financially secure future. Individual retirement accounts from Carthage Savings are a key component to successful retirement planning, and our team is happy to help you find the option that matches your needs.
Our IRAs are geared toward a variety of incomes and life stages, and with both short- and long-term options available as well as a team of experienced advisors standing by, we will ensure that all of your personal needs and goals for retirement are met. All accounts come with competitive interest rates and no setup or maintenance fees.
Our specialists can help you transfer an established 401K account or open a new account to start your retirement savings. Steady interest means that your funds will always make money, and your account will be held in a safe and secure environment.
Traditional vs. Roth IRAs
The primary difference between a traditional IRA and a Roth IRA lies in the tax benefits. Roth IRAs do not offer deductions for contributions; however, investment earnings are distributed tax-free during retirement. Traditional IRAs, on the other hand, provide tax benefits for contributions, but taxing is delayed until funds are withdrawn. Your personal situation will dictate the better choice, as there are benefits and drawbacks to the way each savings program is structured.
There are annual contribution limits to all IRA programs, and those who choose to hold both a traditional and Roth IRA and must adhere to combined total contribution limits. Loans are not permitted through either IRA program, so the savings stay completely intact until retirement. Tax penalties, both on the federal and state level, apply if funds are distributed prior to the established retirement age of 59.5 years.
Contact Carthage Savings today to speak with a representative to learn more about choosing the right individual retirement account, or to begin the transfer of a 401K into an IRA.