IRA Accounts
IRA Accounts - Retirement dreams start here
Retirement may seem like a long way off, but at Fremont Federal Credit Union we can make it easy to work towards your dream.
Direct deposit with automatic deductions to an IRA is painless and smart. You'll be surprised at how much you can accumulate towards retirement, maybe early retirement, with as little as $50 per week. In fact, you may even get a break on your taxes too! (Talk to your tax advisor to determine eligibility)
IRA Savings vs. IRA Share Certificates - each of the IRAs listed below can be invested in either an IRA Savings or an IRA Share Certificate. With a certificate, you earn a higher rate, but your money is tied up for whatever period of time stated on the certificate. Savings accounts earn less, but are a little more flexible when it comes to withdrawals.
Roth IRA
The Roth IRA, created in 1997, offers tax free money waiting for you at retirement. You can contribute up to $5,000 per person into a Roth IRA for the 2016 tax year if you are under age 50. For Roth IRA owners age 50 or over, the limits increase to $6,000 for 2016. It doesn't matter if you already have a pension, 401K or KEOGH where you work . . . the Roth IRA works in combination with your other retirement plans.
Traditional IRA
With this IRA you contribute money and take a tax deduction for it (some exceptions may apply), then let it grow until retirement. The money is taxed when you withdraw later in life, hopefully in a lower tax bracket. You can contribute up to $5,000 per person into a Traditional IRA for the 2016 tax year if you are under age 50. For Traditional IRA owners age 50 or over, the limits increase to $6,000 for 2016.
The main restriction on this type of IRA is that your annual contributions are only tax deductible if you're NOT covered by a pension, 401K, KEOGH or other retirement plan where you work.
Call one of our IRA professionals at 419-334-4434 in Fremont, 419-849-2570 in Woodville or 419-547-2348 in Clyde or 419-573-6310 in Port Clinton or stop into your favorite Fremont Federal Credit Union office for more information.
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