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IRAs - Reduce your taxable income as you save for retirement

IRAs: reduce your taxable income as you save for retirement.

Whether retirement is close at hand or a distant dream, a little bit of planning can go a long way. An Individual Retirement Account (IRA) is a popular retirement plan that provides tax-advantaged savings for retirement. It can be used as an effective way to supplement other long-term savings vehicles.

While your money is in an IRA, you don't pay any current income tax on the interest, dividends or capital gains earned. This means that your savings can compound more quickly than in a taxable account. And with a choice of IRAs, there’s one to address the needs of just about anyone. You can invest in a variety of options such as mutual funds1, or investment products1.

IRA Comparison

There are two types of IRAs available for your annual contributions: Traditional IRAs and Roth IRAs.

Traditional IRA
A tax-deferred personal savings plan that allows income earners to make annual contributions, which may be tax-deductible.

Roth IRA
A personal savings plan that allows qualified investors to make non-deductible annual contributions with after tax dollars and to withdraw principal and earnings tax-free under certain conditions.

Retirement Plan Rollovers

Whether you are retiring or changing jobs, we can help roll over the funds in your retirement plan into an IRA. An IRA rollover can help you consolidate your retirement plan and defer taxes.

Talk to us today!

With so many retirement and investment options to consider, you’re sure to have questions. Contact us, or stop in or call your neighborhood branch – we will be delighted to answer all of them and help you decide which IRA is right for your goals.

Please note: All IRA accounts are subject to qualifications and restrictions. Consult with your individual tax advisor for specific tax deductibility information and IRS rules and regulations.

1Legal Disclosures
The LPL Financial Consultants associated with this site may only discuss and/or transact securities business with residents of New York State.
Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/ SIPCInsurance products offered through LPL Financial or its licensed affiliates. Astoria Bank is not a registered broker/dealer and is not affiliated with LPL Financial or its affiliates.
Not FDIC InsuredNo Bank GuaranteeMay Lose Value
Not a DepositNot Insured by any Federal Government Agency

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