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As a Florida community bank, we know that the Sunshine State is a great place to retire. Defer taxes while earning interest on your retirement savings. Prepare for your retirement with Individual Retirement Accounts (IRAs) and IRA Certificates of Deposit from Englewood Bank & Trust.
All earnings of your traditional IRA remain tax-deferred until you make withdrawals, which are taxed as ordinary income during the tax year of their withdrawal. The deductibility of your contribution is based on IRS guidelines.
A Roth IRA is a non-deductible retirement account that features tax-free withdrawals for certain distribution reasons after five years. To qualify for a Roth IRA, you must have earned income (or your spouse must have earned income). You may contribute any amount up to 100 percent of your compensation or $6,000 (whichever is less) in 2019, as long as your Modified Adjusted Gross Income is within the limits established by the government. (There is an additional $1,000 allowed for those more than 50 years old.)
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Our Retirement Specialists are ready to answer any questions you may have regarding Individual Retirement Accounts. Learn how Englewood Bank & Trust can help you!
Please consult your tax advisor concerning your particular situation.
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Say HelloInvestments are not a deposit or other obligation of, or guaranteed by, the bank, are not FDIC insured, not insured by any federal government agency, and are subject to investment risks, including possible loss of principal.