Forward Bank
Individual Retirement Account (IRA)
If you have earned income, an individual retirement account (IRA) gives you the opportunity to save for retirement and possibly enjoy certain tax benefits.*
To determine if an IRA is right for you, speak to your tax professional or financial advisor before contacting us to open an account.
Traditional IRA
- Offers a tax deduction for the tax year in which the contribution was made.
Roth IRA
- Gives investors the chance to invest money after taxes and then take the contributions and earnings out tax-free in retirement.
Annual Contribution Limits
| Age | 2023 | 2024 |
|---|---|---|
age 49 and younger | $6,500 | $7,000 |
age 50 and older | $7,500 | $8,000 |
Learn more about IRAs including contribution limits and types from the IRS website.
*Consult a tax advisor.
The information on this website is provided only as general information regarding the subject matter covered which may or may not reflect the most current legislative or regulatory requirements. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Consult with your own attorney, CPA, and/or other advisor regarding your specific situation.