Traditional or Roth Individual Retirement Accounts (IRAs) represent valuable retirement plans for many individuals. All wage earners are still eligible to open an IRA whether or not they are covered by a company pension plan. The tax deductibility of the contribution depends on the Adjusted Gross Income of the participant. Penalty free withdrawals may begin as early as age 59 1/2 on both Traditional and Roth IRAs or earlier under certain circumstances. We suggest you discuss your situation with a tax consultant before participating in an IRA.
The required minimum opening balance for Individual Retirement Accounts is $1,000.00 with the exception of a Direct Rollover from an Employer’s Pension or Profit Sharing Plan.