The Individual Retirement Account is a retirement savings account. However, the funds in an IRA may be used for other purposes in case of an emergency or special need and the Puerto Rico Internal Revenue Code provides for it.
Oriental Bank is kicking off this year’s IRA push with a multimedia campaign focusing on changing the younger population’s perception of the savings tool, which is usually associated with the older customer.
An Individual Retirement Account is one of very few deductions that remained available in the income tax return after the approval of the new Internal Revenue Code.