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IRAs

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TRADITIONAL IRA

The Traditional IRA is a way to invest money for your future. Your are eligible for a traditional IRA if you are under 70 1/2 and earn compensation. This type of plan has many benefits:
*Tax deductions-you may be able to deduct part or all of your annual contribution on you income tax returns(see your tax advisor for individual eligibility)
*Tax deferral-pay no federal taxes on earnings until you take withdrawals
*Spousal advantages-you can open an IRA for your nonworking spouse when your file a joint tax return
*Penalty-free withdrawals-for a first-time home purchase and higher-education expenses

ROTH IRA

Roth IRA contributions are made with after-tax dollars. It does have a income restrictions(see your tax advisor for eligibility details).Here's the upside of the Roth IRA:

*Tax-and penalty-free withdrawals of regular contribution-at any time, for any reason
*Tax-and penalty-free withdrawals of earnings-if the account is open for at least five years and one of the following reasons for withdrawal applies: age 59 1/2 or older, disability, death or a first-time home purchase
*No age limitations on contributions-it's never too early or too late to start saving because your can put money in as long as your earn compensation
*No required withdrawals at age 70 1/2

EDUCATIONAL IRA

Unlike traditional and Roth IRA's an Educational IRA's purpose is to help pay for a child's higher education. All contributions are made with after-tax dollars, but withdrawals are tax and penalty free for qualified education expenses(e.g., tuition, fees, books, supplies, and certain room and board cost). You can roll unused funds from one child's account to an Educational IRA for another child in the family.

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