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Let's talk about your tomorrow.

As you're mapping out your long-term savings, turn to E-Central to help you choose the Individual Retirement Account or Coverdell Account that drives you toward your goals.

Traditional IRA

Open this IRA when you want immediate tax benefits.

  • Taxes on earnings are deferred until they're withdrawn
  • Contributions may be tax-deductible in the tax year they are earned
  • Qualified distributions - turning 59 1/2 years old, higher-education expenses, and first-time home purchases

Roth IRA

Contribute after-tax money to this IRA today and avoid taxes later.

  • Withdrawals are tax-free
  • Contributions are not tax-deductible
  • Qualified distributions - turning 59 1/2 years old and first-time home purchases

Coverdell Education Savings Account

Contribute up to $2,000 per year for qualified educational expenses.

  • Contribute money up until your child or grandchild turns 18
  • Contributions are not tax-deductible
  • Contributions and earnings can be withdrawn tax-free when used for specific educational expenses

Multiple laws dictate how much you can contribute annually to your IRA, and penalties apply to early withdrawals. With this and all similar questions about accounts and tax benefits, please consult your tax advisor.

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