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IRA stands for Individual Retirement Arrangement and is an umbrella term
for many types of investments. |
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Generally, as long as you have earned income, you can open
an IRA.
To start an IRA all you need is $100 and personal identification.
Contact a Personal Banker at 715-735-2357. |
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Click on the 2012 Tax Planning Guide
for more information. |
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The most common types of IRAs are Traditional and Roth. |
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Traditional IRA contributions may be tax-deductible the year you make
the contribution. For example: If you make a $4,000 contribution into a
Traditional IRA this year, you may qualify to reduce your taxable income by $4,000.
Contributions on a pre-tax basis will be taxed in the future
when you withdraw money from the IRA. |
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Roth IRA contributions are made on an after-tax basis. There is no
tax benefit when you make a contribution, however, you
can make qualified
distributions (withdrawals) from the Roth IRA tax free. There is no required
minimum distributions, but there are IRS income limits for Roth IRA
contributions. Consult your tax advisor for the IRS income limits. |
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You may open an IRA at any age. |
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It is never too late to get started. Any savings is better than no
savings. A retirement
expert will help you look at each type of IRA and decide which one may be
better for you. |
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It is never too early to get started. Generally, as long as you have earned
income you can open an IRA. The earlier you start to save, the more you may
accumulate. |
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You can open an IRA and make contributions to it at any time of year! |
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Diversity is Important. As long as you qualify and don’t go over the
IRS contribution
limits, you may have an employer-sponsored retirement plan, or 401(k), and
also open an IRA.You should consult your tax advisor about contribution
limits. |
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