IRA / HSA

A Traditional IRA offers a tax-advantaged way to save for retirement by allowing earnings to grow tax deferred until withdrawals begin. Contributions may be tax deductible depending on your income and participation in an employer-sponsored retirement plan, and annual contribution limits are set by the IRS. Required minimum distributions (RMDs) begin after a certain age, making this option well suited for individuals who expect their tax rate to be lower in retirement.

A Roth IRA allows you to contribute after-tax dollars, with the benefit of tax-free earnings and qualified withdrawals. While contributions are not deductible and income limits apply, this account offers flexibility by not requiring minimum distributions during your lifetime. Roth IRAs can be a strong option for those planning ahead for tax-free income in retirement or future qualified expenses.

A Coverdell Education IRA is designed to help families save for education expenses for a designated beneficiary under age 18 or a qualifying special-needs beneficiary. Contributions are not tax deductible, but earnings grow tax free and withdrawals are tax free when used for qualified education expenses. Annual contribution limits apply, making this a helpful planning tool for future educational costs.

A Health Savings Account (HSA) is a smart way to manage healthcare expenses while taking advantage of tax benefits when paired with a high-deductible health plan. Contributions are tax deductible, funds roll over from year to year, and interest is earned on your balance, helping you save for both current and future medical costs. The account allows check writing and flexible contribution options, including payroll deduction, online transfers through Blissnet, or automatic transfers from another account. A low monthly service charge applies, with a reduced rate available when you enroll in online banking and eStatements, and you can avoid per-check fees by using electronic payment options such as debit card purchases, Bill Pay, or online vendor payments.