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Retirement Questions and Answers

"Will you really be ready to retire?"

The professional staff at County First Bank is always happy to discuss the benefits of Individual Retirement Accounts. We are here today to help you prepare for tomorrow!

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What is an Individual Retirement Account?


An Individual Retirement Account (IRA) is a special tax-deferred savings account authorized by Internal Revenue Code Section 408. It is a unique and simple way to save money for retirement.


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What is a Coverdell Education Savings Account "ESA" (formerly Education IRA)?


An ESA is a type of tax-deferred savings and investment account authorized by Internal Revenue Code Section 530 to encourage taxpayers to save for future education expenses. If you are eligible, you may make contributions within certain limits on behalf of a designated beneficiary, such as a child or grandchild. These contributions are made with after-tax dollars. The earnings realized by the ESA are not presently taxed, and if used to pay the qualified higher education expenses of the designated beneficiary, will never be taxed.
 
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What is a Roth Individual Retirement Account?


The Roth IRA is a type of tax-deferred savings and investment account authorized by Internal Revenue Code Section 408A. If you are eligible, you may make contributions within limits to the Roth IRA. You make these contributions with after-tax dollars. That is, there is no tax deduction up front for the contribution. The earnings realized by the Roth IRA are not presently taxed and if certain distribution rules are met, will never be taxed.

 

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