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The Individual Retirement Account (IRA) is still a tax advantage and a sound investment to help build your comfortable retirement future. View current interest rates
Option 1 - IRA Savings
Members can deposit their IRA funds in a high yield savings account. Dividends are paid quarterly.
Option 2 - IRA Certificates
Available for Standard and Roth IRA's. Members can also invest their retirement funds in a regular or jumbo certificate to get even better rates of return. Dividends can be paid monthly or quarterly.
Option 3 - The Roth IRA
This program gives you the ability to invest your "after tax" dollars today. Let the investment grow tax-deferred and withdraw your principal and earnings tax-free after five years.
Features of the Roth IRA include:
- The money you contribute will have already been taxed so the principal is not subject to taxes or penalties (assuming you stay within the contribution guidelines).
- If you do not withdraw any of the earnings until you've had the plan for at least five years, those tax-deferred earnings will be tax-free.
- There is no maximum age limit on making contributions and there are no minimum distributions. However, there are special requirements when these plans pass to your beneficiaries.
Funds can be moved from a traditional IRA to a Roth IRA. However, there are some rules that apply.
Consult your tax advisor for the tax benefits that apply to your funds, then call your local office or stop by the ASK FCU mailbox and let us know that you are interested in an IRA or Roth IRA.
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