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Individual Retirement Accounts (IRAs)

Retirement Savings

IRAs help you save for a secure retirement by taking a strategic approach to paying taxes. For people who don’t have a 401(k) plan through their employer, IRAs are a great way to save and invest money. Even if you already have a 401(k), you may still open an IRA to make additional contributions’.

Union Bank offers Traditional, Roth and Sep IRAs.

Traditional IRAs
Traditional IRAs are designed to help you to save money for the future and, if you are income-eligible, deduct your contribution off your current income taxes, postponing any tax obligation until you withdraw the funds.

With ROTH IRAs, you pay your normal income taxes up-front, but your IRA contribution and earnings become tax-free. Future eligible withdrawals are tax-free for both your initial deposit and the accumulated earnings. ROTH IRAs are particularly attractive if you believe your tax rate will be the same or higher by the time you draw on these savings in retirement.

SEP IRAs or Simplified Employee Pension IRAs
These offer easy, flexible options for self-employed individuals and small business owners. With a SEP IRA, all contributions are made by an employer. Employees may not make their own contributions to a SEP IRA.

All IRAs have specific terms and requirements. Please inquire at your nearest Union Bank branch to gain a full understanding of which IRA is the best for you.

Download Deposit Account Comparison Chart