Saving for retirement on your own or looking for a way to supplement your employer's retirement benefits? An Individual Retirement Annuity (IRA) is a good place to start.
An IRA is a tax-deferred retirement savings product. This means that the money you invest in your IRA grows tax-deferred until you withdraw it. You may even be able to deduct all or a portion of your IRA contribution from your personal income taxes.
Roth IRAs present an attractive long-term savings opportunity. Your contract grows tax-deferred and after you’ve held it for at least 5 years, any earnings withdrawn aren’t taxable or subject to penalty as long as one of the following conditions is met:
- You’re at least 59½.
- The withdrawal is going to your beneficiary after your death.
- The withdrawal is attributable to your being disabled.
- You use the withdrawal for a first-time home purchase.
TALK TO AN EXPERT