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Individual Retirement Accounts (IRAs)
A Benefit Bank traditional IRA offers tax benefits to help you reach your retirement savings goals. All wage earners are eligible for an IRA and all account earnings are tax deferred until the time of distribution. Tax deferral gives your money greater compounding potential. Your IRA contributions may also qualify for tax deferral. Consult your tax advisor regarding tax deferral on your IRA contributions. The Roth IRA differs from the traditional IRA in that the funds you contribute grow tax-free. When you retire (or meet other criteria) and withdraw your funds, you will not pay taxes on the earnings. However, your contributions to the account are not tax-deductible - - as they might be with a traditional IRA. Our Benefit Bank IRA representatives can help you save for retirement, college, or your first home in these tax deferred accounts.
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