Individual Retirement Accounts can be a very important part of a person’s financial planning. Most financial advisors stress the importance of such retirement savings. Our employees will be glad to spend time explaining the rules and options to you. We have never charged fees for maintaining our customers’ IRA plans and accounts. We offer our IRA customers the same certificate of deposit and savings programs and rates as those offered to others. There are two main types of Individual Retirement Accounts offered by William Penn Bank. Eligible contributions can usually be made for a given tax year at any time during that year or in the following year up until the date that the participant files a tax return (e.g. April 15).

Traditional IRAs are most appealing to those who are eligible for a tax deduction in the year for which the contribution was made. The tax deferred nature of the earnings can also be very advantageous.

Roth IRAs are most appealing to those seeking the possibility of tax free earnings in their retirement plan. Although a tax deduction can not be realized for the contribution, many people see their annual contribution to a Roth IRA as an imperative way to avail themselves of a major benefit in the tax code. A large percentage of the U.S. population is eligible to participate.

Call us at 215-945-1200. We will explain your options for contributions and distributions from Individual Retirement Accounts and help get you on your way to a more secure financial future.