An IRA (Individual Retirement Account) enables you to make tax-deductible contributions to your retirement savings. The earlier you start, the more your investment will grow — without the ups and downs of the stock market.
IRAs
With a traditional IRA, members can contribute up to $6,000* per year with earnings that continue to grow tax-deferred. Members over age 50 may contribute up to $7,000* per year, using the catch-up provision. Contributions are made with pre-tax funds; you won’t pay tax until withdrawals begin, starting at age 59 ½.
Because you’re setting aside funds for a specified term, you’ll earn a higher yield. Terms range from 12-23 months 2.00%, 24-36 months 3.50%, and as your IRA matures, funds can be rolled over into a new IRA term. Preparing for a comfortable retirement and reducing your taxable income are just a few of the benefits.
- Enjoy your retirement more.
- Reduce your tax burden today.
- Earn dividends that are also tax-deferred.
- Funds are NCUA insured.
*Maximum annual contribution is determined by the prevailing IRS regulations and is subject to change.
