Individual Retirement Account
Open An AccountDiscover the Power of an IRA
What exactly is an IRA? It stands for Individual Retirement Account, a special savings plan authorized by the Federal Government to help you build a solid financial foundation for your retirement.
Who can contribute to an IRA? The answer is simple: anyone with earned income or received alimony is eligible to make contributions. It’s important to note that income from sources like investments or inheritances doesn’t qualify.
Now, let’s dive into the differences between two popular types of IRAs: Traditional and Roth. With a Traditional IRA, you can potentially enjoy tax deductions in the same year you make contributions to the savings plan. On the other hand, a Roth IRA offers a unique twist – your contributions are taxed upfront, but when it comes time to withdraw funds, those withdrawals are tax-free. Traditional IRAs provide an immediate tax benefit, while Roth IRAs offer a delayed tax benefit.
At RelyOn Credit Union, we offer a range of IRA plans designed to suit your individual needs. To discover which one aligns with your financial goals, simply reach out to us at 214-357-3328. Our dedicated team is here to guide you towards a brighter retirement.
Start planning for your future today with an IRA from RelyOn Credit Union.
*Consult a tax advisor for specific tax advice related to your situation.