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Individual Retirement Accounts

Individual Retirement Accounts (IRAs) are one of the most powerful and flexible tools to accumulate funds for retirement while reducing tax liabilities. Taking full advantage of higher contribution limits, catch-up contributions for older individuals and wise investments within your IRA can help you pursue your financial goals. IRAs listed here are offered by Starion Investment Services Representatives through LPL Financial.

For Individuals

> Traditional IRA Account

Allows individuals to direct pretax income, up to specific annual limits, toward investments that can grow tax-deferred. These IRAs are subject to investment risk and are not insured by the FDIC.

Advantages

  • Contributions are often tax-deductible, and the taxpayer gets the tax benefit immediately
  • There is always an option to convert to a Roth IRA, whereas a Roth IRA cannot be converted back into a Traditional IRA
  • If a taxpayer expects to be in a lower tax bracket in retirement than during working years, then a traditional IRA offers an increased incentive over the Roth IRA

Disadvantages

  • You must meet the eligibility requirements to qualify for tax benefits
  • All withdrawals from a Traditional IRA are included in gross income and subject to federal income tax, with a few exceptions
  • Traditional IRAs have forced distributions based on age. Withdrawals must begin by age 70½

As with any investment plan, please contact your tax advisor for questions on how the plan might affect your taxes.

Contact your Starion Investment Representative to learn more

> Roth IRA Accounts

For Business Owners

> SEP IRA Accounts

> SIMPLE IRA Accounts

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Starion Bank and Starion Investment Services are not registered broker/dealers and are not affiliated with LPL Financial.
Not FDIC Insured, Not Bank Guaranteed, May Lose Value, Not a Bank Deposit, Not Insured by Any Federal Goverment Agency

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