When is the right time to start planning for your retirement?
The answer is NOW... and your credit union can help.
Your credit union has several options that will help your retirement savings, which include individual retirement accounts (IRA's).
An IRA is a tax-sheltered savings plan that allows you to control your retirement planning. The earnings are tax-deferred until you begin withdrawing from your account. There are different types of IRA's, which include Traditional, Roth and Education IRA's. These three types allow you to pick the retirement account that will best meet your needs and lifestyle requirements.
Annual limits on contributions to a Traditional or Roth IRA as of 2019 are as follows:
- Ages below 50, maximum contribution is $6,000
- Ages 50 and above maximum contribution is $7,000
If you meet the eligibility requirements and file a joint federal income tax return, you can contribute the above amounts not only to your own IRA, but also to a separate IRA for a spouse without earned compensation.
NOW is the time to begin saving for your retirement. Don't let another day go by without starting an IRA!
Even a modest monthly amount added to your initial deposit can add up to a comfortable retirement.
Talk to your credit union professional today to discover which IRA is best for YOU!