Saving for retirement has never been easier.
A traditional IRA is the most basic of retirement plans. It provides an easy and effective way for you to put money aside for your future, while offering tax benefits today.
Traditional IRAs offer:
- Independence. They can be opened and funded without any employer participation.
- Immediate tax benefits. Contributions may be tax-deductible,* and earnings are tax-deferred until retirement. See your tax advisor for details.
- Accessibility. Funds are always available, something not generally true of employer plans.
- Flexibility. There is no minimum contribution in any year.
Facts about Traditional IRAs:
- You must be less than 70½ years old and have received compensation to qualify for making an IRA contribution.
- You are automatically eligible for a tax deduction if neither you, nor your spouse, are covered by an employer-sponsored retirement plan and your MAGI is under IRS limits.
- When you take distributions, both your deductible contributions and earnings will be taxed at your regular income tax rate.
Is a Traditional IRA right for you?
* Consult your tax advisor about potential tax savings with individual retirement accounts. Retirement account insurance protection is separate and apart from insurance coverage on other credit union accounts. Traditional, Roth and SEP IRAs are insured aggregately to $250,000.