Wouldn’t it be nice if you could plant a money tree in the backyard, and whenever you needed a little extra cash, you could pick a few bills? The traditional IRA could be the next best thing! With a little patience and steady contributions, you’ll see your IRA grow into an account that will help provide safety and security for you and your family for years to come.
The Roth IRA offers unique and exciting savings opportunities. Not only can it help with retirement needs but also a first-time home purchase or other financial goals. This flexibility makes the Roth IRA appealing to many different age and income groups. Although it’s not a one-size-fits-all solution, the Roth IRA will give many members an easy and safe way to plan for the future.
Education IRAs (Coverdell Education Savings Accounts)
Seeing a child work toward a college degree is every parent’s dream. Unfortunately, this dream can be a nightmare in one respect the frightful cost of that college degree. If you’re wondering how you’ll pay for your child’s education, an Education IRA (now known as the Coverdell Education Savings Account) can be a smart way to save. Although contributions to an Education IRA are not tax-deductible, your withdrawals (including earnings) are tax-free if used for tuition, books and other qualified higher-education expenses.