Individual Retirement Accounts (IRA’s) come in many forms. We sell both traditional IRA accounts and the newer “Roth” IRA. The traditional IRA features tax-deductible deposits with tax sheltered growth and then taxes payable at distribution (retirement). The “Roth” has taxable deposits with tax-free growth and tax-free distribution (retirement).
Minimum interest rates vary from company to company as do early withdrawal penalties. Early withdrawal would also precipitate a penalty from the IRS.