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Three letters of recommendation for your future. . . IRA
When it comes to saving money for retirement, there's no time like the present. Our UNION BANK IRA specialists are here to help you set up a retirement plan that's right for you. Consult your personal tax advisor for information regarding tax deductibility.
A Traditional IRA is tax-deferred account that is available to any person with earned income who is under the age of 70 1/2. Contributions cannot exceed $5,500 + COLA (cost of living adjustments) or 100% of compensation for customers under age 50 for tax year 2013 (whichever is less). Contributions for customers who are 50 years of age and over cannot exceed $6,500 + COLA or 100% of compensation for 2013 (whichever is less).
Your Roth IRA assets are available to you, without tax or penalty when the account has been open for 5 years and you are age 59 1/2 or more. Contributions may be made after age 70 1/2. Roth contribution limits are the same as Traditional IRAs.
An Education IRA is a tax-deferred account that can be established for each beneficiary and annual contributions can be made until the beneficiary attains age 18. Contributions cannot exceed $2,000 a year.