Saving for retirement with a Traditional IRA offers several potential benefits including federal and state income tax deductions, tax-deferred earnings, and a retirement savings tax credit. Consult your tax advisor to see if you are eligible for a Traditional IRA and which benefits apply to your individual circumstances.

Saving for retirement with a Roth IRA offers several potential benefits including tax-free earnings on your contributions,  a retirement savings tax credit, and deferred distributions for the life of the account owner. Consult your tax advisor to see if you are eligible for a Roth IRA and which benefits apply to your individual circumstances.

A Coverdell ESA is a trust account created for the purpose of paying the qualified education expenses of a designated beneficiary. The beneficiary must be under the age of 18 when the contributions are made. Coverdell ESA contributions are not tax deductible, but earnings accumulate tax-deferred, and become tax-free when distributions are made for qualified education expenses. Consult with your tax advisor to see if a Coverdell ESA is right for you.

Help your employees save for their retirement by establishing an employer-sponsored retirement plan through which you, the employer, makes deductible contributions directly to each eligible employee’s traditional IRA.

An employer that adopts a SEP plan will realize both tangible and intangible benefits, including:

• A relatively easy retirement plan operation
• Discretionary annual contributions that are tax deductible
• A possible tax credit for startup costs associated with establishing a new SEP plan
• Potentially more satisfied employees because of an increase in their retirement plan savings