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Investment Retirement Accounts (IRAs) are a safe and smart savings strategy for your future. Insured up to $250,000 by the FDIC, IRAs offer not only security but also tax savings. Traditional IRA contributions may be deductible from your current year's income, which may translate into immediate tax savings before retirement. Roth IRA contributions can offer tax-free distributions in your retirement years.
Maximum Annual Contribution Limits1. Annual contribution for individuals is the smaller amount of up to $5,000 ($6,000 if age 50 or over) or your taxable compensation for the year1. Annual contribution for married couples with non-working spouse is the smaller amount of up to $10,000 ($12,000 if age 50 or over) or your taxable compensation for the year.
First, consult with your tax advisor. Then talk with your Personal Banker or visit a First Fed branch to explore IRA contributions options. Find your nearest First Fed branch.
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