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Saving for Retirement Your Way at Fidelity Bank & Trust

Utilizing an IRA to Save for Retirement

Planning for your retirement can be difficult especially when it seems so far away. The sooner you start saving, the better! At Fidelity Bank & Trust we have several Individual Retirement Account (IRA) options which help contribute to your retirement plan. Though it is hard to figure out exactly how much to save, or what age to retire, Fidelity can help you establish a plan for your future.

Kim Pins knows you have many options when it comes to retirement savings and she explains why an IRA at Fidelity Bank & Trust may be beneficial for you.

“Saving for your retirement is one of the most important things you can do for your future. An IRA is a retirement savings/investment account with possible tax benefits. There are several types of IRAs including Traditional and Roth.”

Fidelity Bank & Trust helps you decide what option works best and which is the most beneficial for your situation.

“Contributions to a Traditional IRA may be tax deductible, meaning you get the benefit now depending on your income and if you contribute to a retirement plan at work”, says Kim. “Roth IRA contributions are after tax accounts. There isn’t a tax deduction, but the earnings on the account may grow until your retirement tax free if certain conditions are met and qualified withdrawals are 100% tax free.” We always recommend contacting a tax advisor on the deductibility of your IRA contributions.

At Fidelity Bank & Trust, contributions can be made to either IRA Certificates of Deposit (CD’s) or IRA savings accounts.

“With CD’s, the funds are deposited for a specific period ranging from 91 days to 60 months and the minimum deposit for a CD is $500. A savings account can be opened with a minimum of $50 and additional contributions can be made at any time, which makes it a great option for someone just starting to save for retirement,” Kim says.

Regarding why customers should start an IRA with Fidelity Bank and Trust, Kim says, “IRA Accounts can be opened at any of our offices. Our friendly staff is always ready to answer questions and make the process as smooth as possible. We are a local hometown bank eager to help our customers save for their future.”

Let Fidelity Bank & Trust help you reach your financial goals and plan the retirement you’ve always wanted! For more information regarding IRAs please visit our website.