Individual IRA Accounts (IRA) and Coverdell Education Savings Account (ESA)

Take control of your future with a little help from Atlas Savings. Understanding finances is not just for the experts, knowing more about how to make financial decisions is an important way to survive. Today more than ever before, one of the greatest challenges facing Americans is ensuring their financial security. If you are a greater New York City area resident, Atlas Savings is here to help organize your retirement goals. With the assistance of a tax advisor and a little motivation from within, finding out how to make financial decisions is an important first step to accomplish.

An IRA is a personal savings plan that provides income tax advantages to individuals saving money for retirement purposes. Depending on your financial situation, Traditional and Roth IRA's are the most common choices. The best way to save is to plan it, make it a payroll deduction, start small, so that the amount is not missed. Gradually increase the amount of the deposit until the maximum amount is achieved. By having a fully funded IRA account, retirement can be an enjoyable time of life without financial worries.

It doesn’t matter how old you are - a comfortable retirement tomorrow requires sound financial planning today - that’s why Atlas Savings offers a variety of Individual Retirement Accounts. With us, you have a choice of placing your IRA funds in savings and/or CDs. Account terms, minimum opening balance and interest rates may be found on the current rate sheet. See updated Fee Schedule by clicking here. Choosing IRAs may require the services of a certified financial planner.

OPTIONS FOR INDIVIDUALS:

Traditional IRA

A Traditional IRA is a tax-advantaged arrangement that allows earnings and deductible contributions to grow tax-deferred. Contributors do not pay federal (and usually state) income taxes on the earnings and deductible contributions of traditional IRA until they begin taking withdrawals, usually after they retire and possibly are in a lower tax bracket. For more information please refer to IRS Publication 590.
 

Roth IRA

A Roth IRA allows to make after-tax contributions, yearly, into an investment account which will grow at a tax free rate. At retirement, contributors will be able to withdraw their qualified contributions (basis into IRA and conversion amounts, if any) at a tax-free rate. Non-qualified contributions, or gains made in the account, will be taxed in the owners current tax bracket. For more information please refer to IRS Publication 590.
 

Coverdell Education Savings Account (ESA)

A Coverdell Education Savings Account (ESA) is a trust or custodial account created for the sole purpose of paying qualified elementary, secondary or postsecondary education expenses of the designated account beneficiary. Earnings on a Coverdell ESA grow tax-free until withdrawn to pay for qualified expenses. 

Funds are insured up to a maximum FDIC limit of $250,000 per depositor

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IRA funds are insured by the FDIC. The FDIC insurance has been increased up to $250,000 separately from all other non IRA accounts held at Atlas Savings. Please call 718.768.4800 for more information.

OPTIONS FOR BUSINESSES:

SEP IRA

A Simplified Employee Pension Plan (SEP) can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. Under a SEP, an employer contributes directly to traditional IRAs (SEP-IRAs) for all employees (including the employer). A SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee’s pay. Contributions to a SEP are tax deductible and the business pays no taxes on the earnings on the investments. For more information please refer to IRS Publication 560. 

SIMPLE IRA

A SIMPLE IRA plan is a Savings Incentive Match Plan for Employees. Because this is a simplified plan, the administrative costs should be lower than for other, more complex plans. Under a SIMPLE IRA plan, employees and employers make contributions to traditional Individual Retirement Arrangements (IRAs) set up for employees (including self-employed individuals), subject to certain limits. It is ideally suited as a start-up retirement savings plan for small employers who do not currently sponsor a retirement plan. For more information please refer to IRS Publication 560 and IRS Publication 590. 

 Funds are insured up to a maximum FDIC limit of $250,000 per depositor

Learn More >>

IRA funds are insured by the FDIC. The FDIC insurance has been increased up to $250,000 separately from all other non IRA accounts held at Atlas Savings. Please call 718.768.4800 for more information.

 

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