IRAs
An Individual Retirement Account (IRA) is an investing tool you can use to set aside funds for the future. Whether you're saving for retirement, a special dream or a loved one's education, Thrivent Financial Bank has an IRA to help meet your needs.
The IRA Advantage
There are two types of IRAs – Traditional and Roth.
Traditional IRA
A traditional IRA allows you to invest in an account (such as a CD or savings account), if you are younger than age 70½ with earned income at the end of the tax year. The key benefit of a traditional IRA is that your contributions may be tax deductible, depending on your income, tax filing status and participation in an employer-sponsored retirement plan.
Roth IRA
A Roth IRA allows you to invest in an account (such as a CD or savings account), as long as certain income guidelines and requirements are met. If eligible to participate your contributions are made in after-tax dollars.
Though Roth IRA contributions are not tax-deductible, withdrawals can be tax-free, and there are fewer withdrawal restrictions.
With both traditional and Roth IRAs, you are allowed to contribute up to a set maximum dollar amount defined by IRS regulations.
This information is not intended and should not be construed as legal, investment or tax advice. Please consult your attorney, tax advisor or other appropriate professional for such advice, including advice regarding the deductibility of contributions and advice on how this information applies to your individual circumstances. Thrivent Financial Bank cannot and does not guarantee the accuracy or completeness of this information or the applicability of it to your individual circumstances and does not bear any liability as a result of your reliance on this information.