The Sunshine State is a great place to retire. You may not be ready to stop working yet, but as your Florida community bank when you are ready to retire, we want you to be prepared. Defer taxes while earning interest on your retirement savings with Individual Retirement Accounts (IRAs) and IRA Certificates of Deposit from Wauchula State Bank.
All earnings of your traditional IRA remain tax-deferred until you make withdrawals, which are taxed as ordinary income during the tax year of their withdrawal. The deductibility of your contribution is based on IRS guidelines.
A Roth IRA is a non-deductible retirement account that features tax-free withdrawals for certain distribution reasons after five years. To qualify for a Roth IRA, you must have earned income (or your spouse must have earned income). You may contribute any amount up to 100 percent of your compensation or $6,000 (whichever is less) in 2019, as long as your Modified Adjusted Gross Income is within the limits established by the government. (There is an additional $1,000 allowed for those more than 50 years old.)