Tax-Smart Savings for Good Things to Come

Say hello to your IRA — a simple saving strategy for your up-and-coming or long-ways-off retirement. Supplement what you’re accruing through your workplace savings plan or get your feet wet in this whole retirement “thing.”

Set up your IRA by calling us at (602) 910-1974 or stop by your neighborhood Ubium Bank branch.

How it Works

You set up an IRA savings or certificate of deposit account with us. Every year, your principal grows, thanks to your contributions and the interest you’re earning. Depending on the IRA, you may be eligible for a tax deduction on your contribution today or to take a tax-free withdrawal at retirement down the road. (You must meet certain criteria, so talk to a tax advisory for more info.) What’s the benefit? You have more funds to earn interest on, and you may fall into a lower tax bracket once you retire.

Choosing the IRA that’s Right for You

There are two types of IRAs – Traditional and Roth – and both have their advantages. The key is to determine which is right for you. You should consult your tax advisory if you aren’t sure. Here are some things to consider:

Which one do I qualify for?
Do I need or qualify for the tax deduction on my contributions?
Which tax bracket do I think I will be in during retirement?
Will I need to withdraw the funds during retirement or do I want them to remain in my IRA?

How Much you can Contribute?

The government lets you contribute a certain amount to your IRA every year. In 2016 and 2017, the individual contribution limit is $5,500. If you are 50 or older, you may be eligible to make a catch-up contribution of $1,000 for the current tax year.

Fees you Should Know About

Yes, there are a few. Give us a call at 1-(602) 910-1974 or come into your neighborhood store and we can go over them with you.

How Old do you Have to be to Set Up an Account?

Our general policy is that you must be 18 or older to open an Ubium Bank account. Additionally, in order to contribute to your IRA, you must earn an income, and certain age restrictions may apply.

Looking for Comprehensive Retirement or Investment Strategies? Chat with our Investment Partners.

* Securities, Managed Investments, Insurance Products and Wealth Planning are offered through Ubium Bank Investments, Inc., Member FINRA/SIPC. Ubium Bank Investments, Inc. is an Affiliated Company of Ubium Bank.

Securities, Managed Investments and Insurance Products are: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT BANK GUARANTEED • NOT A DEPOSIT OF ANY BANK • and MAY GO DOWN IN VALUE.