Retirement Planning

Traditional IRA – An excellent way to save for retirement with tax-deferred earnings and, for many people, an income tax deduction.  This account allows you to minimize your taxes now while saving for retirement.

Roth IRA – An individual savings option that allows only nondeductible contributions but features tax-free withdrawals for certain distribution reasons after a five-year holding period.  This type of account minimizes your taxes in the future with tax-free earnings.

SIMPLE IRA – A Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) Plan allows for employees to contribute to their own retirement through salary reduction and employers to also contribute through an IRA account.  This avoids the expense and administration of an employer retirement plan that requires a trust.  

SEP IRA – A Simplified Employee Pension (SEP) Plan established by an employer.  Each year, the employer can contribute a certain percentage of each eligible employee’s compensation directly to the employee’s IRA account.

CESA – The Coverdell Education Savings Account is a nondeductible account that allows contributions to grow and funds to be withdrawn tax-free for a child’s education expenses.

HSA – Health Savings Accounts are interest bearing accounts that can receive contributions on a tax-favored basis on behalf of an eligible individual and allows tax-free distributions to pay for qualified medical expenses.  An eligible individual must have a qualified high-deductible health plan in place.