Individual Retirement Account (IRA)

We know you work hard for your money!

That’s why making a decision on where to save or invest shouldn’t be taken lightly. Adams Community Bank’s goal is to make customers’ retirement decisions uncomplicated and pleasant—let our customer service staff help you choose between a Traditional IRA and a Roth IRA.

 What is an IRA?

An Individual Retirement Account (IRA) is the blanket term for a retirement plan that provides tax advantages for retirement savings in the United States.

What is a Traditional IRA?

A Traditional IRA allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which you make them. You are able to establish a Traditional IRA any year that you have eligible earned income.

What is a Roth IRA?

The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, if you expect to be in a higher tax bracket when you retire, you may benefit more from a Roth than a Traditional IRA. You are eligible to establish a Roth IRA if you or your spouse has compensation and your modified income does not exceed certain prescribed limits.

Call us at (413) 743-0001, visit one of our convenient branch locations, or schedule an appointment to get started today!