IRAs provide a secure way to build savings for retirement, as well as offer tax benefits which your tax consultant can further advise you on. With a $1,000 deposit, CMAR offers several different options for your IRA needs and even has a Certified IRA Specialist on staff to assist you.

Traditional IRA: Contributions are made before taxes and you may contribute up to $5,000 per year individually and up to $6,000 a year if you are over age 50. There is no withdrawal penalty for first-time homebuyers (up to $10,000 in a lifetime) and you can even make withdrawals for college.

Roth IRA: Contributions are allowed after taxes if your income is under $95,000 per year individually or $150,000 combined income. You may contribute up to $5,000 per year individually and $6,000 a year if you are over age 50. There is no withdrawal penalty for first-time homebuyers (up to $10,000 in a lifetime) and earnings are tax free.

Educational IRA: Contributions are allowed after taxes and may be made for the college education of children and grandchildren. Annual contributions of up to $2,000 per child under the age of 18 may not be deducted from your taxes but earnings are not taxed. Contributions are transferable to a beneficiary in the same family.

*Please consult a tax advisor for detailed information.