Individual Retirement Accounts Through Vision
Individual Retirement Accounts (“IRAs”) are a tax advantaged way to save for retirement. The income from interest, dividends and capital gains can grow tax deferred or tax free.*
Traditional IRA: A Traditional IRA offers tax-deferred growth potential, with investors potentially being able to deduct all or part of their Traditional IRA contributions from pre-tax income if certain conditions are met. Participants under age 70 ½ can contribute to an IRA. Participants are required to take minimum distributions from a Traditional IRA starting at age 70 ½. Traditional IRAs may be a good choice for those who would like a tax deduction, those who have an income that is too high to be eligible for a Roth IRA, or those who believe they may be in a lower tax bracket in retirement.
Roth IRA: A Roth IRA is an individual retirement account for investors who are looking for tax free growth potential. Contributions to a Roth IRA are made after-tax, which means your savings grow tax-free. The principal and all earnings can be withdrawn tax-free after age 59½ if the account has been open at least five years. In addition, participants are never required to take distributions, making a Roth IRA an effective option for both estate and retirement planning purposes.
Other Available Retirement Accounts: Rollover IRA, SEP IRA, Beneficiary IRA, Flex IRA (for trading futures) and SIMPLE IRA
*Vision does not provide tax advice. Please consult with your personal tax advisor.
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