Invest in your financial future.
An Individual Retirement Account (IRA) is a great way to save for retirement and ensure a healthy financial retirement—especially if you are not eligible to participate in an employer’s plan or if you want additional ways to save that offer potential tax advantages.
There are two types of IRA—Roth and Traditional. LOC offers both. The best option for you depends on your income, your goals and other types of retirement accounts you currently have access to.
Roth vs Traditional
The below chart is a high-level comparison of a Roth and Traditional IRA. We recommend you speak with a knowledgeable professional to help determine which IRA is best for you and how you should fund it. For specific tax details, consult your tax advisor.
How to Fund
At LOC, you have options to fund your IRA:
- IRA Certificates with terms ranging from 3 months to 5 years
- IRA Variable Rate Savings Account
- Consultation with a wealth management professional available through LOC Financial Services