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What is an IRA?
An Individual Retirement Account (IRA) is a type of savings account designed to help you save for retirement with tax advantages.1 IRAs are a powerful tool for building a secure financial future, offering various benefits that can help you grow your savings over time.
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How do Individual Retirement
Account (IRAs) work?
A Bank IRA is a type of retirement account that may allow you to save for retirement with tax-deferred or tax-free growth. With a Bank IRA, you can choose to have your contributions deducted from your paycheck, which may help you save money on taxes. Additionally, your investments in a Bank IRA may grow tax-deferred until you take a distribution at retirement 2. This means that you may not pay taxes on the growth of your investment until you take the money out at retirement.
There are two types of Bank IRAs: traditional and Roth.
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Traditional Bank IRAs 3 - may offer tax-deferred growth on your investments, but you may pay taxes on the withdrawals you make at retirement.
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Roth Bank IRAs 4 - may offer tax-free growth on your investments.
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If you have a Bank IRA, it's important to remember that you'll still be responsible for paying taxes on the withdrawals you make at retirement. However, the growth of your investment may be tax-free.​​
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Benefits of an IRA
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Tax Advantages: Depending on the type of IRA, you may receive tax deductions on contributions or enjoy tax-free growth on your investments.
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Compound Interest: Your savings can grow faster due to the power of compound interest, where you earn interest on both your initial deposit and the interest that accumulates over time.
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Retirement Security: IRAs provide a disciplined way to save for retirement, ensuring you have funds available when you need them most.
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Flexibility: With different types of IRAs available, you can choose the one that best fits your financial goals and retirement plans.
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Security and Growth Potential with Brighton Bank's IRAs
At Brighton Bank, we prioritize the security and growth of your investments. Our IRAs are designed to offer competitive returns while ensuring your funds are protected. With Brighton Bank, you can have peace of mind knowing that your retirement savings are in safe hands.
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Brighton Bank's IRA Options
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6-Month IRA Certificate of Deposit: Short-term investment with automatic renewal.
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12-Month IRA Certificate of Deposit: One-year investment period with automatic renewal.
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24-Month IRA Certificate of Deposit: Two-year investment period with automatic renewal.
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36-Month IRA Certificate of Deposit: Three-year investment period with automatic renewal.
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60-Month IRA Certificate of Deposit: Long-term investment with automatic renewal.
Limitations
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Minimum Deposit: $500 to open an IRA account.
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No Additional Deposits: Once opened, no additional deposits can be made.
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Withdrawals: Not allowed until maturity date.
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Early Withdrawal Penalty: Penalty of all accrued interest if principal is withdrawn early.
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Automatic Renewal: Accounts renew automatically at maturity with a 10-day window to withdraw funds without penalty.
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To ensure your taxes are filed correctly, we highly suggest you consult a tax professional for expert advice.

We're proud to have served our clients and community for over a century, and we'll continue to do so for many years to come.
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1. Brighton Bank is not engaged in or provides tax advice. For tax advice, the services of a competent tax service professional should be sought.
2. Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until you take a distribution (withdrawal) from your IRA. https://www.irs.gov/retirement-plans/traditional-iras
3. Contributions you make to a traditional IRA may be fully or partially deductible, depending on your filing status and income, https://www.irs.gov/retirement-plans/traditional-iras.
4. A Roth IRA is a tax-advantaged personal savings plan where contributions are not deductible but qualified distributions may be tax free. https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras.