Preparing for retirement is among the most important financial decisions you will make. Opening an Individual Retirement Account (IRA) is a great way to plan for the future, and Clay County Savings Bank is here to help.
Clay County Savings Bank offers both Traditional and Roth IRAs with flexible terms and a minimum of just $500 to open an account.
With a traditional IRA, you’re able to defer taxes on the earnings on your contributions until they are withdrawn. Depending on eligibility, contributions may be tax deductible in the year for which you make them.
The Roth IRA gives retirement savers a different incentive — nontaxable distributions. Roth IRA contributions are not tax deductible, so owners will not pay federal taxes on distributions of these contributions. Under certain conditions, the earnings on Roth IRA contributions are also nontaxable when distributed. Therefore, if you expect to be in a higher tax bracket when you take distributions in retirement, for this and other reasons you may benefit more from a Roth IRA than a traditional IRA.
Clay County Savings Bank’s account specialists can help you with your IRA setup and answer questions you may have. For more information, contact us online or call (816) 781-4500.