PBTC
Updated 4:12 PM CDT, Wed October 17, 2018
Published Under: General Home Equity Save Money Savings

- What does an IRA earn? - In simple terms an IRA is just a trust that is established with certain tax rules. More specifically, it’s a security blanket for your money. At Peoples Bank & Trust, CD accounts can be IRAs.
- Who can open an IRA? - Anyone under the age of 70 who earns a taxable income can contribute to a traditional IRA. Roth IRAs, however, have additional income restrictions.
- How do I open an IRA? - You can choose where to open an IRA, if you don’t already have an employer-sponsored retirement plan. Often you can go to banks, credit unions, brokerage firms and mutual fund companies. It never hurts to do more research and ask questions!
- Am I able to contribute to someone else’s IRA? - Yes, but only if it is your spouse and if you file a joint tax return.
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