Cross Keys Bank Winter Newsletter - BSJ Bancshares, Inc. & Cross Keys Bank 2013 Annual Report - page 10

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DoYou Have An IRA InYour
Financial Tool Kit?
By Mauri Turner, Cross Keys Bank Investment Advisor
The IRA is one of the m ost versatile
retirement savings tools available. It
provides the opportunity to save for
retirement and offers th e potential
for special tax advantages,depending
upon your financial situati on and the
type of IRA you choose.
Here is a quick run-down of the many
types of IRAs to consider:
• Traditional IRA. A trad itional IRA
may afford taxpayers a reduction in
taxable income since contributions
are tax-deductible. Howev er, when the
person begins to withdra wIRA funds
at retirement (or beginnin g at age 59-
1/2), the funds are taxed a sincome.
• Roth IRA. While contri butions do
not reduce taxable incom e, the most
distinctive benefit of theRoth IRA is
that it offers tax-free wi thdrawal of
funds starting at age 59- 1/2 or when
the person retires, as lon gas certain
requirements are met. This option
could be good for thosewho anticipate
being in a higher tax bracket upon
retirement. The Roth has no required
minimum withdrawals during the
lifetime of the account owner; after
death, required withdrawals apply
to the account’s beneficiary. The
beneficiary takes these distributions
tax-free while the balance of the plan
continues to grow tax-free.
• SIMPLE IRA. The Savings Incentive
Match Plan for Employees (or SIMPLE
IRA) is a simplifiedmatching employee
pensionplantargetedtoself-employed
workers and small businesses with
fewer than100employees.TheSIMPLE
IRA is one of the few IRA types that
are employer-sponsored, though it
has features similar to a 401(k) profit-
sharing plan.
• SEP IRA. The Simplified Employee
Pension IRA (SEP IRA) is ideal for
self-employed individuals and small
businesses.The SEP IRA ismost similar
to a traditional IRA, only it’s highly
simplified and easier to administer.
To discuss which IRA option may be
the best retirement savings vehicle for
your financial situation, contact your
financial advisor. If you are facing a
greater tax liability this year, opening
an IRA or increasing your contribution
could reduce what you owe on tax
day.
Mauri Turner is a registered
representative with offices in Monroe,
LA. If you havea question for Mauri
send it to:
Mauri Turner
Financial Consultant
1401 HudsonLane, Suite 100
Monroe, LA 71201
www.cross keysbank.com
Registered Representative of INVEST Financial
Corporation (INVEST), member FINRA/SIPC.
INVEST and its affiliated insurance agencies
offer securities, advisory services and certain
insurance products and are not affiliated with
Cross Keys Investment Services INVEST does
not provide tax or legal advice. Products are:
• Not FDIC insured • Not Bank Guaranteed
• May lose value including loss of principal.
b.news.9512.0315.103919
Ryan is a 2013 graduate of
Louisiana Tech and loves to golf
in his free time.
A New Face at Cross Keys
Investment Services:
Ryan Linder