Traditional IRA - The traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which they are made.
Roth IRA - The Roth IRA is a non-deductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since ROTH IRA contributions are non-deductible and taxed in the year they are earned, people who expect to be in a higher tax bracket when they retire may benefit more from these accounts than from a traditional IRA.
Georgetown Savings Bank offers many options for retirement savings. For more information and assistance in determining which IRA is best for you, talk to a GSB Customer Service Representative.
For more information call (866) 352-6080, or click here.