Explore the numerous saving opportunities of an IRA

Are you saving enough for retirement? An employer-sponsored savings plan, such as a 401(k), may not provide enough retirement income. Saving money in an Individual Retirement Account (IRA) can not only help you better prepare for retirement, but also save on taxes. Your savings may grow faster in an IRA than in another taxable account.

Is an IRA Right For You? Call one of our customer service representatives today at 830-792-1950.

Tax Savings

An IRA offers many tax-saving benefits. You might be able to deduct your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service.

With an Individual Retirement Account, you may also be able defer taxes until you retire when you will probably be in a lower tax bracket.

IRA Rollover

If You’re Changing Employers, An IRA Rollover Makes Sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.

You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well.

For more information about IRA Rollovers or opening a new IRA just give us a call at 830-792-1950.