An IRA Account: Effective and Smart
An IRA account is one of the most effective ways to save for retirement. Even if the future looks murky now, your retirement savings should be clear as day. Start putting money away today – and your future self will thank you. Talk to us about an IRA plan that works for your financial needs. Then rest easy knowing you’re covered, no matter what tomorrow brings.
What is an IRA?
Community Bank of Raymore is happy to help with your savings and retirement goals through traditional IRA and Spousal IRA options. That sounds great, right? Well, only if you are familiar with the how an IRA works. So, what is an IRA? In very simple terms: An IRA is an Individual Retirement Account that is self-funded, includes significant tax advantages and comes with a few basic regulations.
The Many Benefits of an IRA Account
Aside from fostering a healthy retirement, an IRA investment allows you a tax break on both accumulated growth and your annual contribution amount.
Growth and More Growth: The investments you make within your IRA portfolio will generate account growth and on top of that, IRA rates are competitive and higher than what standard savings accounts offer. It’s like getting to second base without even trying. And, after a the span of time, your IRA will round the bases and bring you into homerun status!
Tax Breaks: A traditional IRA allows for tax-deductible contributions and tax deferred growth. This means you can reduce your overall tax bill and you pay nothing on your IRA gains until withdrawal.