Saving for Retirement
The B.O.C. Financial Services team can help you determine which of the many retirement savings options will maximize your return, and benefit you the most in retirement.
A traditional IRA is a retirement vehicle that allows your funds to grow tax-deferred. Contributions to a traditional IRA are typically tax deductible for the tax year in which you make the contribution.* Withdrawals from a traditional IRA are subject to income tax. You can begin taking qualified withdrawals as early as age 59 1/2. Once you reach 70 1/2 years old, you must begin taking distributions from your traditional IRA.
A Roth IRA allows you to make retirement contributions with after-tax dollars (which aren’t tax-deductible). However, your earnings and qualifying withdrawals generally won’t be subject to tax.* You can begin taking qualified withdrawals as early as age 59 1/2 (as long as the Roth IRA has existed for at least five years), and there are no age-related distribution requirements.
If you have taken full advantage of the tax benefits of a traditional and/or Roth IRA, then tax-deferred annuities may be a good way for you to set aside additional savings.
You might benefit from a rollover IRA if you still have retirement funds in a previous employer’s 401k plan. Our financial advisors can review your old 401k plan(s), and help you determine the best rollover option.
*Consult your tax advisor.