IRA’s
Retirement & You
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.
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!
Annual limits on contributions
Traditional or Roth IRA
as of 2019
- 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.
*You may be subject to a 10% early distribution penalty tax on any taxable amount taken out from either IRA before you are 59 1/2 years old, unless you qualify for the following: Disablility, certain health costs, certain medical expenses, higher education expenses, first-time homebuyer expenses, substantially equal periodic payments, IRS tax levy, military reservist distribution, or death (beneficiary).
**An early withdrawl penalty may be imposed on an IRA Certificate for withdrawls before maturity of up to 180 days loss of dividends.
At times, we may provide links to sites outside the control of our Credit Union. We do not make any representations concerning the linked sites’ contents or availability. You should review each site’s privacy and information security policies carefully before you enter confidential information. Deposit and loan products offered by Journey Credit Union. This credit union is federally insured by the National Credit Union Administration. The standard insurance amount is $250,000 per depositor.
At times, we may provide links to sites outside the control of our Credit Union. We do not make any representations concerning the linked sites’ contents or availability. You should review each site’s privacy and information security policies carefully before you enter confidential information. Deposit and loan products offered by Journey Credit Union. This credit union is federally insured by the National Credit Union Administration. The standard insurance amount is $250,000 per depositor.
Equal Housing Lender.
Equal Housing Lender.
