The IRA: A Powerful Financial Instrument
An IRA is an Individual Retirement Account. It is essentially a tool to save and invest for your retirement with tax benefits. In Puerto Rico and the United States, it is widely used to supplement Social Security or employer-sponsored plans.
What is an IRA?
An IRA is an Individual Retirement Account. It is essentially a tool to save and invest for your retirement with tax benefits. In Puerto Rico and the United States, it is widely used to supplement Social Security or employer-sponsored plans.
Why is an IRA important?
This instrument is important because it allows you to save for the future on a regular basis, earning higher interest than a traditional savings account or certificates of deposit.
Why should I get one?
With an IRA, you can obtain tax benefits while saving for the future with a competitive market interest rate, guaranteed for one year.
Types of IRAs you can obtain at COSVI
- Educational IRA (CAAE):
Encourages savings to help pay all or part of the cost of post-secondary education for your children or relatives under 21 years of age. - Non-Exempt IRA:
An Individual Retirement account or annuity where contributions and interest are deferred until you withdraw them after reaching 60 years of age.
Changes for upcoming tax years in IRA contributions:
Call us at 787-751-7373 to get started, transfer, or increase your contribution.
