What is an IRA?
An Individual Retirement Account (IRA) is designed for building retirement savings, even if you’re also contributing to a 401(k) or other savings plan. They're also great alternatives to 401(k) plans if your self-employeed or your employeer doesn't offer retirement plans. IRA’s with FSWB are FDIC insured up to $250,000 and are guaranteed not to lose value.
Contributions may be tax deductible. Contribute annually before tax day, 4/15.
Individual Retirement Account
The 2019 combined annual contribution limit is:
- Under age 50: $6,000
- Age 50 or older: $7,000
- No minimum balance required
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