Start Building the Retirement You Imagine
Whether retirement is years away or just around the corner, an Individual Retirement Account (IRA) can help you save with purpose and prepare for what's ahead.
What Is an Individual Retirement Account?
An IRA is a retirement savings account designed to help you set aside money for the future while taking advantage of potential tax benefits.
Whether you're just beginning to save or looking to strengthen an existing retirement strategy, an IRA can help you make steady progress toward your goals.
Find the IRA That Fits Your Goals
Both Traditional and Roth IRAs can help you save for retirement. The difference comes down to how and when you may receive potential tax benefits. Understanding the basics can help you decide which approach aligns with your long-term goals.
Traditional IRAs
Save for retirement with the potential for tax-deferred growth and possible tax advantages today.
May be a fit if you:
- Want potential tax benefits now
- Expect your income to be lower in retirement
- Are rolling over funds from another retirement plan
- Prefer a familiar retirement savings option
Roth IRAs
Save for the future with after-tax contributions and the potential for tax-free qualified withdrawals.
May be a fit if you:
- Expect your income to increase over time
- Want tax-free qualified withdrawals in retirement
- Prefer not to have required minimum distributions
- Value long-term flexibility
Save With Purpose
Set money aside specifically for retirement and build steady habits that support your future goals.
Potential Tax Advantages
Traditional and Roth IRAs offer different tax benefits depending on your income, eligibility, and situation.
Flexible Savings Options
Choose between IRA savings and IRA CD options based on how you want to contribute and grow your money.
FDIC-Insured Deposits
IRA deposits are separately insured up to applicable FDIC limits when held at an insured bank.
IRA FAQs
We know retirement savings can bring up detailed questions. These answers can help you understand a few common IRA considerations before you talk with a banker or tax advisor.
Yes, deposit IRAs at Somerset Trust are FDIC-insured up to applicable limits. IRA deposits are insured separately from your other deposit accounts, up to $250,000 for all IRAs owned by the same person at the same insured bank.
There may be. Because IRAs are designed for retirement savings, withdrawals before age 59½ may be subject to taxes and penalties. Some exceptions may apply, so it’s a good idea to speak with a tax advisor before taking money out early.
Yes. An IRA belongs to you, even if you change jobs. You may also be able to roll over funds from an old workplace retirement plan into an IRA.
Start by talking with a banker about your retirement savings goals, timeline, and whether you’re considering a Traditional or Roth IRA. From there, Somerset Trust can explain available IRA savings and IRA CD options.
Let’s Move Forward, Together
Open an account, explore your options, or receive personalized guidance from a local expert.