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The traditional IRA first became available in 1975 to encourage people to save for their retirement and provide for beneficiaries upon death. Higher contribution limits and greater flexibility were added with the implementation of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001. If deferring taxes on a portion of your current income is your tax strategy, a Traditional IRA may be right for you.
The Roth IRA was first made available on January 1, 1998. As opposed to a Traditional IRA, contributions are made with “after-tax” dollars. Earnings are free from taxes and IRA penalties, if certain conditions are met. If your income level is too high for a Traditional IRA, a Roth IRA may be a good alternative for you.
It’s easy to move your IRA to First Colony Bank. For either a Roth or Traditional IRA, you can move existing IRA monies as follows:
When you withdraw money from a retirement account, it is called a distribution. Distributions from a Traditional IRA are reported to the IRS as income and may be subject to income tax. Except under special circumstances or upon reaching age 59 ½, there may also be IRS imposed penalties for early distributions. Distributions from a Roth IRA have more complex tax implications. Prior to any type of IRA distribution, you should speak with your tax advisor, accountant or attorney.
If you reached the age of 70½ in 2019 the prior rule applies, and you must take your first RMD by April 1, 2020. If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.
First Colony Bank
711 North Orlando Avenue, Suite 100
Maitland, Florida 32751
Phone: (407) 740-0401