Individual Retirement Accounts (IRAs)

An IRA (Individual Retirement Account) is simple and easy to maintain, and it may offer you two important tax advantages:

1. Deductible Contributions - You are allowed to deduct your annual IRA contributions on your federal income tax return. Most IRA contributions are fully deductible.
2. Tax-Deferred Earnings - Every penny of the earnings in your IRA is 100% free from federal income tax until you withdraw it from your account. And, tax-deferred money grows quicker! This is why your money will grow faster in an IRA than it would if you save that same amount each year without the benefit of tax deferral.