Local Banks in Austin Texas 78705
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Bill Shoubless
Jun 12, 2019, 12:03:10 AM6/12/19
to Local Banks in Austin Texas
If you think saving for retirement isn’t a priority, think again. Whether you’re working your first job or your twentieth, we want to help you plan for the road ahead. Don't know where to start?
Come see us - that's what we're here for!
An employer-sponsored retirement plan is an excellent workplace perk, especially if your employer provides a matching contribution. If you want to ramp up your retirement savings, you could consider contributing money to both a 401(k) and an IRA.
Opening a Roth IRA can be a way to diversify your retirement savings and create a tax-free stream of income for later in life, since distributions are tax-free in retirement. However, as you consider where should I keep my savings, it’s important to know that contributions to a Roth IRA are limited by income, regardless of whether you participate in other retirement plans. Contributions to a traditional IRA are tax-deferred now, but taxable in retirement.
- Minimum Opening Balance of $500
- Interest-Bearing Account
- Investment terms ranging from 3 months to 5 years
- May incur penalties for early withdrawal
Opening a Roth IRA can be a way to diversify your retirement savings and create a tax-free stream of income for later in life, since distributions are tax-free in retirement. However, as you consider where should I keep my savings, it’s important to know that contributions to a Roth IRA are limited by income, regardless of whether you participate in other retirement plans. Contributions to a traditional IRA are tax-deferred now, but taxable in retirement.
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