If you want to be at the low end of the risk/reward spectrum, a Certificate of Deposit (CD) from Chesapeake Bank might be the right choice for you. IRAs are another savings option and offer the added advantage of tax benefits.
Chesapeake Bank CDs and IRAs are FDIC-insured.
It's never too soon to start saving for a comfortable retirement with an IRA.
Anyone who earns a salary, wage or commission can open a traditional IRA. Contributions may be fully or partially tax-deductible if certain IRS rules and income limitations are met. The IRS also sets limits on annual contributions.
Qualifying taxpayers can benefit from tax savings with a Roth IRA. While contributions are not tax deductible, funds can be withdrawn tax-free after an initial five-year holding period if you’re age 59 1/2 or older.
When you make a job change, you have the opportunity to “roll” your funds out of your previous employer’s qualified retirement plan into an IRA. This tax-free transfer is an opportunity to simplify your financial life by combining retirement accounts. It also can give you greater control over your investments. Special rules and limitations apply.