Individual Retirement Accounts (IRAs) are one of the most popular retirement savings programs. Progress Bank offers both Traditional and Roth IRAs to help you achieve your retirement savings goals.
- Tax deductible contributions (consult your tax advisor for details)
- Taxes are paid on earnings when withdrawn from the IRA
- Available to everyone; no income restrictions
- Funds withdrawn before age 59 ½ are subject to a 10% IRS penalty (subject to exception) and may be subject to a bank early withdrawal penalty
- Contributions are not tax deductible (consult your tax advisor for details)
- All earnings and principal are 100% tax-free if rules and regulations are followed
- No mandatory distribution age