Horizon Bank Individual Retirement Accounts can help you meet your retirement goals. Two main types of IRAs exist: the Traditional IRA and the Roth IRA. The Traditional IRA allows contributions to accumulate tax-deferred until withdrawn, making it a great option if you don't have an employer-sponsored retirement plan or want to supplement such a plan. The Roth IRA provides non-deductible contributions and tax-free withdrawals. The Roth IRA, unlike a traditional IRA, doesn't require you to take distributions. You can also continue to contribute after the age of 70 1/2.
This Horizon Bank calculator can help you determine whether a Traditional or Roth IRA is better for your retirement goals. Note that this calculator is only for Traditional versus Roth IRA comparisons, not for Roth 401(k)s.
CALCULATOR EMBEDDED HERE