April is Financial Capability Month, a time dedicated to highlighting the importance of financial education and empowering individuals to take control of their financial future. At Stone Bank, we believe that financial well-being starts with knowledge and the right tools to build a secure future. One of the best ways to prepare for long-term financial success is by investing in an Individual Retirement Account (IRA).
What is Financial Capability Month?
Financial Capability Month is an annual observance aimed at improving financial literacy and helping individuals make informed decisions about their money. The goal is to encourage people to assess their financial health, set savings goals, and develop strategies to achieve financial stability. By increasing awareness and education, Financial Capability Month helps individuals build confidence in managing their personal finances.
Plan for Retirement with Stone Bank IRAs
Stone Bank offers two types of IRAs designed to help you save for retirement in a way that best suits your financial situation: Traditional IRAs and Roth IRAs.
Traditional IRA: Tax-Advantaged Savings for Retirement
A Traditional IRA is a great option for individuals looking to save for retirement while benefiting from tax advantages.
- Tax Deductible Contributions – Your contributions may be fully or partially tax-deductible depending on your income and filing status.*
- Tax-Deferred Growth – Earnings on your contributions grow tax-free until withdrawal.
- Withdrawal Age – You can begin withdrawing funds at age 59½, with mandatory distributions beginning at age 73.
- No Income Restrictions – Anyone with earned income can contribute to a Traditional IRA.
Roth IRA: Tax-Free Withdrawals for a Secure Future
A Roth IRA offers flexibility and tax-free withdrawals in retirement.
- After-Tax Contributions – Contributions are made with after-tax dollars and are not tax-deductible.
- Tax-Free Growth & Withdrawals – If the 5-year holding period is met and you are 59½ or older, withdrawals are completely tax-free.
- No Required Minimum Distributions (RMDs) – Unlike a Traditional IRA, you are not required to take distributions at a certain age.
- Contribution Limits Apply – Your eligibility to contribute is based on your income level; refer to IRS guidelines for details.
Why Open an IRA During Financial Capability Month?
There’s no better time to take control of your financial future than during Financial Capability Month. IRAs provide a structured, long-term savings option that can help you achieve retirement security. Whether you prefer the immediate tax benefits of a Traditional IRA or the future tax-free withdrawals of a Roth IRA, Stone Bank has the right retirement savings option for you.
Take the Next Step Toward Financial Security Planning for retirement doesn’t have to be overwhelming. Our team at Stone Bank is here to guide you through the process and help you choose the best IRA for your needs.
*Consult a tax professional to determine the deductibility of contributions based on your specific financial situation.
This information is for general educational purposes only and not to be used for tax or legal purposes. Stone Bank and its representatives do not provide tax or legal advice. Stone Bank’s website may contain links to websites of other organizations that are no longer protected by our privacy policy or security practices.