Retirement Starts Now
Fill Your Well
You will need something to draw from when you close up shop on your career and income. When you open a Traditional IRA with Limestone, you build up money now to use later. Plus, your present contributions can mean paying less on your taxes each year. It’s a win-win.
- Use for retirement or education
- Defer your taxes until money is withdrawn
- Saves you money now and later
I.R.A. Accounts
Rates Effective as of: 11-21-2024
| A.P.R. | A.P.Y. |
|---|---|
| 2.48% | 2.50% |
A.P.R. = Annual Percentage Rate
A.P.Y. = Annual Percentage Yield
Rates subject to change at any time without notice
The biggest difference between a Roth and a Traditional IRA is how and when you get a tax break. The tax advantage of a Traditional IRA is that your contributions are tax-deductible in the year they are made. The tax advantage of a Roth IRA is that your withdrawals in retirement are not taxed.
Up to $6,500.00 for 2023 tax year and up to $7,000 for 2024 tax year (plus an additional $1,000.00 if you are 50 or older). Contribution limits are subject to annual cost-of-living adjustments.
Yes, but the total contributions cannot exceed the annual contribution limit.
Yes, but you may be subject to an IRS tax penalty, unless you are 59 ½. At 59 ½ you may meet certain tax penalty exceptions.
Yes, at the age of 72, the IRS mandates that you take out the required minimum amount each year. If you fail to take the required minimum each year, you will be subject to an IRA penalty.
You have until April 15th on the following year for the previous year's contributions.
Secure Your Future
Just give us a call to set up your account. Tomorrow gets better the minute you start saving.
