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Individual Retirement Accounts
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Individual Retirement Accounts (IRA)*
IRAs provide a means by which you can save for retirement. Contributions to the traditional IRA may be tax deductible and interest on the IRA is not taxable until withdrawn.
Roth Individual Retirement Accounts (IRA)**
Roth IRAs are Individual Retirement Accounts resulting from contributions of after-tax dollars. To be eligible to contribute to a Roth IRA the individuals and their spouses must satisfy certain rules regarding taxable income.
*Distributions from Traditional IRAs prior to age 59½ are subject to a 10% penalty, in addition to applicable federal and state taxes. Under certain circumstances, you may be able to avoid the penalty on early withdrawals. Consult your tax advisor about your particular situation.
**A non-qualified distribution is subject to taxation of earnings and a 10% additional tax unless an exception applies. Consult your tax advisor about your particular situation.