HFS |
IRA's
We have three to choose from - Traditional, ROTH, and Educational! With a Traditional IRA your earnings accumulate tax-deferred, contributions are tax-deductible if you qualify and the amount you can contribute is increasing.
A Roth IRA allows flexible withdrawal options that are available, the amount you can contribute is increasing, qualified distributions are tax-free and contributions are allowed at any age.
An Educational IRA gives your child the gift of education. Unlike state 529 plans, Coverdell ESAs can be used to pay for qualified elementary and secondary education expenses. Earnings grow tax-free if distributions are used for qualified education expenses.
The Best IRA For You
If you are at a loss as to which IRA would most benefit your needs, follow these general rules-of-thumb. Choose a Roth IRA if you don't need the tax break right now. Choose Traditional IRA if you do want the tax deduction right now.
And remember, Educational IRA's offer tax-free distributions and can be used for elementary and high school expenses at most public, private and parochial schools.
