Please consult your tax advisor for more information regarding your individual situation. From the time you open an IRA account until the day you retire (and withdraw your savings), the money you save grows tax-deferred. This means that your balance is likely to grow at a faster rate than it would in a taxable savings account earning the same amount of interest.2
The best part? Annual IRA contribution limits are higher than ever, plus those 50 and over may be able to contribute additional "catch-up" amounts of $1,000 per year. IRA contributions may also qualify you for a tax credit. Please consult your tax advisor for more information regarding your individual situation.
Is a Rollover IRA Right for you?
If you are retiring or changing jobs you may be able to ask your employer to arrange for a "direct rollover" of your money into a new IRA account with us to avoid the mandatory 20% withholding tax. You can also do an IRA-to-IRA rollover. Complete the rollover within 60 days from the date you receive the assets from your old IRA to qualify. Just go to your financial institution and close your IRA, then bring the check to us. The IRS limits the number of these rollovers to one in a 12-month period. Other options include leaving the money in your former employer’s plan, if permitted, cashing out the account value, or, if your new employer offers a plan and rollovers are permitted, you could roll over the assets to your new employer’s plan.
- Offered through American Savings Bank
- FDIC-insured accounts
- Fixed CD term or Savings available
- Available through branches
- Offered through American Savings Investment Services
- May invest in stock, bonds, mutual funds and annuities
- Tailored to your investment strategy
- Not FDIC insured
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- Contributions may also be partially or fully tax-deductible, depending on whether individuals or their spouses are covered by another pension plan and how much income they earn.
- Taxes will be due upon withdrawal at ordinary income tax rates. Withdrawals made before age 59½ may be subject to an additional 10% tax penalty. Taxes will be due upon withdrawal at ordinary income tax rates. Withdrawals made before age 59½ may be subject to an additional 10% tax penalty.