Individual Retirement Account
Whether retirement for you means traveling the world or spending more time with your family, saving the money you'll need is one of the most important tasks you need to accomplish. Integra offers many types of retirement accounts to fit your individual needs and financial goals. Compare the Individual Retirement Accounts (IRAs) offered here, and talk to your representative about other investments and wealth management services offered through Integra.
IRA Options
Rollover IRAs
Better manage your retirement savings by consolidating plans from former employer 401(k)s and any other personal retirement accounts you may have into one IRA.
With a Direct Rollover, you have the option of having your retirement account directly moved from your current employer to one of our Traditional IRA plans. By using the Direct Rollover option you can avoid the mandatory 20% federal income tax withholding.
In an Indirect Rollover, your employer is required to withhold 20% of the funds for prepayment of federal income tax. It is necessary to reinvest your rollover distribution into an IRA within 60 days to avoid additional taxes or penalties. As always it is a good idea to consult your tax advisor before making any investment decisions.
Traditional IRAs
A Traditional IRA is one of the best ways to save for your retirement. You can contribute to a traditional IRA regardless of your income, and you will still be eligible to participate in an employer's retirement plan. Depending on your income, your contributions may qualify for a tax deduction, and your money will grow tax free until you make a withdrawal. To avoid penalties, wait until you reach age 59 1/2 to crack open your nest egg, or talk to a bank representative about other circumstance-specific exceptions.
Roth IRAs
While similar to Traditional IRAs, contributions to a Roth IRA are not tax deductible. However, a Roth IRA lets you withdraw your earnings tax free when you're eligible. While the specific rules can change, in general, a Roth IRA has no age limits on contributions and you are never required to take distributions. Talk to a bank representative to learn more about how a Roth IRA can work for you.
Coverdell ESA (Education Savings Account)
This savings instrument is a great way to put money aside for your child's future. You can make contributions of up to $2,000 annually per child. Your contributions are non-deductible, however, the earnings are free from federal and most state taxes when used for qualified education purposes.
SEP (Simplified Employee Pension)
The SEP plan is a retirement plan established by an employer. This SEP-IRA is a great idea for the small business owner who would like to offer a retirement plan to themselves and other employees. The employer can use this SEP plan to make contributions to the IRA's of eligible employees and him/her self.
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