An Individual Retirement Account (IRA) is a type of savings account. It is designed to help US citizens and residents save for retirement by offering tax advantages. The money must be kept in the account until a specified age.
The primary difference is the type of tax benefit each delivers. Contributions to a Traditional IRA are typically tax deductible, but the withdrawals at retirement are taxed. In the case of Roth IRAs, the investment earnings and withdrawals will not be subject to federal income tax. However, there are no tax deductions for contributions.
US citizens or permanent residents (green card holders) can open an IRA. Speak with a financial advisor if you are a G4 visa holder.
If you are looking to open an IRA account with less than $50,000, please contact a member service representative. For IRAs of $50,000 or more, please contact a financial advisor.
No. However, when you complete the IRA application, you will be able to add beneficiaries to the IRA account.
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