Individual Retirement Agreements (IRA)

IRAs are one of today’s most recommended investment tools—and with good reason. It’s a solid, no-risk investment with decided tax advantages. Plus, they’re now more consumer-friendly than ever, with options for every investment purpose.

All IRAs are not created equal, however. Rivermark's IRAs have no maintenance fees and very competitive rates. Even if you already have an IRA somewhere else, it pays to contact a Rivermark IRA Specialist to make sure your IRA fits your life goals. We will gladly help you with the transfer process.

Open an IRA in time to reap the savings on your next tax return. Here are brief descriptions of each type of IRA.

Roth IRA

• Contributions are not tax deductible.
• You may be able to contribute up to:
  • $5,000 for 2008
  • $6,000 for 2008 if over age 50
    
• Earnings grow tax-deferred.
• Withdraw contributions tax and penalty free at any time.
• Interest may be withdrawn tax and penalty free once certain qualifications are met.
• Unlike Traditional IRAs, distributions are not required at age 70 ½.

Traditional IRA

• Contributions may be tax deductible:
  • Deductibility depends on your income level, filing status, and whether or not you are an active participant in an employer-sponsored plan.
• You may be able to contribute up to:
  • $5,000 for 2008
  • $6,000 for 2008 if over age 50
    
• Earnings grow tax-deferred.
• Withdrawals of contributions may be subject to income tax.
• Withdrawals of interest are subject to income tax.
• Required Minimum Distributions at age 70 ½.

SEP (Simplified Employee Pension) Plan

• Contributions may be tax deductible for the employer.
• Employer may contribute up to 25% of the employee's annual income, with a maximum of $46,000 for 2008.
• Contributions and earnings are tax deferred for the owner.
• Withdrawals of contributions and earnings are subject to income tax.
• Required Minimum Distributions at age 70 ½.

Coverdell Education

• Contributions are not tax deductible.
• Contribute up to $2,000 per year per child under 18 years.
• Earnings grow tax-deferred.
• Qualified withdrawals of contributions and earnings are tax and penalty free.

Investment Optons

• IRA Savings (variable)
• IRA Certificate of Deposit

With all IRA types, please consult your tax advisor regarding the best options for your financial situation.

Contact a Rivermark IRA Specialist for more information or to open your IRA today.