The Benefits of an IRA—A Plan for All Stages of Life

No matter what stage of life you’re in, a credit union IRA can help with your financial planning. The future arrives every day – now is the time to prepare for it.

Just Getting Started in your Career

As you start building your career, start building your retirement plan. A Roth IRA can provide you with tax-free withdrawals when you retire. As time goes by, you will be amazed at the power of compounding interest and its effect on your account.

Planning as a Couple

We can help both you and your spouse set up your IRAs. If you both earn income, you can both contribute to your own IRA. If you earn less than your spouse and you file a joint tax return, then you can contribute up to the limit based upon your joint compensation less your spouse’s IRA contributions.

Flexibility for your Growing Family

Investing in an IRA provides flexibility for your changing financial needs. Depending on the type of IRA you invest in, your investment can be used for:

• A first-time home purchase
• Qualified college education expenses

A Coverdell Education Savings Account can also help you start saving early for the high cost of higher education. You can save up to $2,000 per child per year, and anyone can contribute. Contributions are not tax-deductible, but withdrawals are tax-free if used for qualified education expenses.

Securing your Retirement

Of course the “R” in IRA stands for “Retirement”. And that’s what the account is all about. If you’re already retired, or nearing that date, you should consider a safe, secure credit union IRA. Traditional IRA distributions are subject to income taxes. But if you’re 59 ½ and have had a Roth IRA for 5 years, all your withdrawals are tax-free.