Financial planning for your future
Wayne Savings has options that can help you prepare now for your future financial needs. Individual Retirement Accounts (IRAs) offer many tax advantages. Keep in mind that tax rules are often complicated and can change. Before making any investments, you should consult with your tax advisor.
There are important tax advantages with a Traditional IRA. Your contributions are tax-deductible and your earnings are tax-deferred. Regardless of your income level, a traditional IRA is fully deductible if you (or your spouse, if applicable) are not actively participating in a retirement plan at work.
While contributions are not tax-deductible with a Roth IRA, a Roth can provide tax-free earnings and tax-free withdrawals. You can withdraw contributions at any time, penalty free and tax free and if certain conditions are met, earnings may be withdrawn tax- and penalty-free, as well.
Your workplace retirement plan can still continue to work for you when you retire or change employers. Many people choose to roll their workplace plans into an IRA. A direct rollover eliminates the required tax withholding and preserves the special tax status for many years.
Our Consumer Investments Department can help you if you need professional investment management for your rollover IRA. Call us now to set up an appointment.
Without the expense of a traditional retirement account, SEP/SIMPLE IRAs are a low cost alternative for sole proprietors, partnerships or corporations to set aside money in retirement accounts for themselves and their employees. Call us today for assistance.
To get started, contact our experienced retirement specialist, Brenda Handley at 419.207.9943 or send an
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