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IRA/Education Accounts
Learn about your IRA (Individual Retirement Account) options using this quick reference guide. Whether you're planning for retirement or for educational expenses, an IRA can be a powerful tool to help you save.

Planning for Retirement
If you are eligible for a traditional IRA and a Roth IRA and are still unsure which account is right for you, follow these general rules-of-thumb:
  • Choose a Roth IRA if you don't need the tax break right now. It's a more flexible investment because:
    • You can withdraw regular contributions at any time, tax-free and penalty-free
    • You do not have to take mandatory distributions at age
      70 1/2
  • Choose a traditional IRA if you want the tax deduction right now. It also makes sense if you anticipate paying taxes at a significantly lower rate in retirement.

Planning for Education Expenses
Coverdell Education savings accounts are special accounts for a child's education. This account allows you to withdraw money, tax-free, for education expenses such as tuition, fees, books, supplies, and equipment. Unlike 529 plans, they can also be used for elementary and high school expenses at most public, private and parochial schools.

If you would like more information on which IRA is right for you, contact our IRA Specialist by email or call (319) 236-5600 or (800) 235-3228.

Interest on your IRA is computed daily and paid quarterly and on maturity. Early withdrawal may result in a penalty.

Not intended as tax advice. Please consult a tax professional.