Traditional IRAs: A Traditional IRA gives you the benefit of tax-deferred dividends while you save for a comfortable retirement. In addition, your annual contribution may be tax deductible and you may qualify for a tax credit (see your tax advisor). A Midcoast Traditional IRA offers the following features:
- Quarterly Statements
- Split Rate Accounts
- IRA Share Certificates
- Dividends Compounded: Monthly
- Dividends Credited: Monthly
- Dividend Period: Monthly
- Balance Method: Daily Balance
Traditional IRA withdrawals may be subject to tax and/or early withdrawal penalties. Contact your qualified tax advisor for tax advice.
Roth IRAs: A Roth IRA gives you the benefit of tax-free retirement savings as long as all Roth IRA requirements are met. Annual contributions are not tax deductible, however account earnings that meet the "five year rule" and qualified withdrawals are penalty free. A Midcoast Roth IRA account offers the following Features:
- Quarterly Statements
- Split Rate Accounts
- IRA Share Certificates
- Dividends Compounded: Monthly
- Dividends Credited: Monthly
- Dividend Period: Monthly
- Balance Method: Daily Balance
For more information please speak with our IRA Specialist.
Contact your qualified tax advisor to find out which IRA account is in your best financial interest.
