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Individual Retirement Accounts (IRAs)
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An Individual Retirement Account is an effective tool to save for the future. We have both Traditional and Roth IRAs to help you with your retirement needs. There is no minimum balance requirement. Rates for these accounts are simple interest and subject to adjustment every 6 months. If you have a qualified retirement plan that you need to convert into an IRA, contact us about our IRA accounts.
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| TRADITIONAL IRAs* |
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With the traditional IRA, contributions can be tax deductible and are usually tax deferred (income that has not been taxed). Taxes are assessed upon distribution of funds. If you have not reached the year in which you have turned 72, and have an earned income, you may be eligible for a traditional IRA.
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| ROTH IRAs* |
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A Roth IRA contribution is income that has already been taxed. Qualified distribution of earnings may be tax free. There are no age restrictions and as long as you have earned income you may be eligible to open a Roth IRA.
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Feel free to contact us about rates and setting up an IRA
for you at (931) 484-6178. You may also send us an email at Deposits@HighlandFederal.com. We hope to hear from you soon!
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| *Consult your income tax advisor for contribution limits and to find out which IRA is right for you. |
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