At Community Bank & Trust of Florida, we want to help make it easier for you to effectively save for retirement and manage your money while in retirement. We can set up a traditional IRA or a Roth IRA for you, and our competitive rates on CDs will help your retirement savings grow faster to get you the purchasing power you need for a comfortable lifestyle.
Types of Individual Retirement Accounts
We offer both traditional and Roth IRAs so you have options available to fit your individual retirement savings needs and tax-planning strategy.
The tax breaks for a traditional IRA
are of the "tax deferred" kind. Contributions are tax deductible and earnings tax-deferred, subject to certain limitations established by the IRS. When you withdraw the money at retirement, after age 59 1/2, it's taxed at your ordinary income tax rate.
The tax breaks for a Roth IRA
are of the "tax exempt" kind. Unlike the traditional IRA, the Roth IRA contributions are never tax deductible. However, when you withdraw the money for retirement, after age 59 1/2 and if open for at least five years, none of the money will be taxed, including earnings.
Additionally, if you have an existing account, we can also help you rollover your existing IRA or any qualified plan - (401(k) or 403(b) -- into your personal individual retirement account. We can also provide assistance with SEPs (Simplified Employee Pension Plans).
Let us help you build a solid retirement foundation. Visit any of our branch locations in Ocala. Belleview, Gainesville, Summerfield and The Villages, or call us at 888-388-1007.
Consult your tax advisor about these Individual Retirement Account options.