Traditional, Roth and SEP IRAs to Help You Save for Retirement
Saving for retirement can seem intimidating. How do you know how much you will need to live the way you want? And how are you supposed to save that much money? Thankfully, saving for retirement does not have to be that hard. With an individual retirement account, or IRA, from TSB Bank you can save what you need to live comfortably in retirement.
How IRAs Work
Your IRA is funded by contributions you make, either automatically or manually. Depending on your interest rate and market conditions, compound interest helps your IRA grow, hopefully to the point that you have enough money to fund your retirement.
IRA Options from TSB Bank
TSB Bank offers multiple IRA options for you to choose from:
- Traditional IRAs- one of the most common types of IRAs where your contributions are tax-free, but withdrawals are taxed.
- Roth IRAs- another common type of IRA in which contributions are taxed, but withdrawals are generally tax-free
- SEP (Simplified Employee Pension) IRAs- a variation of IRAs suited for small business owners and those who are self-employed.
- Coverdell Education Accounts- accounts that are set up to help you save for your child or grandchild’s education.
There are differences in how each IRA is taxed and how and when withdrawals can be made. Please consult your tax advisor for tax and withdrawal-related questions.
Open an IRA Today at TSB Bank
Important Information About Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What this means for you: When you open an account, we may ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.