We can help you plan for a financially secure retirement with an Individual Retirement Account (IRA) Savings. Both Traditional and Roth IRAs are available. You may also transfer funds from a 401(k) or pension into an IRA Savings, should you change or lose your job.
IRAs can offer tax advantages and supplement other retirement investment plans.* Plus, your IRA savings are federally insured by the NCUA up to $250,000.
Deposits into your IRA account can be made in a lump sum, through a rollover or through payroll deductions.
With a traditional IRA, contributions made to your IRA may be tax deductible and your earnings are not taxed until they are withdrawn. You can begin withdrawing funds from your Traditional IRA after age 59 ½ without penalty, and must begin making yearly withdrawals by age 70 ½.
Contributions made to a Roth IRA are not tax deductible but your earnings may be withdrawn tax-free when requirements are met (must have had the Roth account for more than five years and be age 59 ½ or older. There is no age cut-off for making contributions to a Roth IRA, and the account is not subject to the Required Minimum Distribution (RMD) rules.
There are some IRS exceptions for early withdrawal penalties for both types of IRAs such as: the holder becomes permanently disabled, first time home purchase and higher education expenses. The maximum annual contribution allowed is $5,500 ($6500 if you are age 50 or older).
*Consult your tax professional for specific advice