IRAs
Let’s Figure Out Savings Together
The promise of retirement can feel a bit murky with all of the account types, tax options, and contribution plans that are available. We’re here to make it simpler. At Sea West, we can help you understand the ins and outs of retirement savings and assist you in choosing what works for you.
Great long-term savings
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The Right Retirement Account
You’ve probably heard a lot about IRAs and Roth IRAs—here’s how we define them at Sea West. A Traditional IRA is a savings account with immediate tax benefits. A Roth IRA provides no immediate tax benefits, but it saves you big time in the long run, with no taxes on withdrawals.
Coverdell Education Account
Whether it’s kindergarten for a grandchild or college for your own kids, a Coverdell Education Account helps you save and distribute funds to pay for future education. It works similarly to a 529, but it’s not state-sponsored. Deposits must be made in the name of someone under 18, and are capped at $2,000 annually per child. Withdrawals are tax-free.