It's Never Too Early To Think Retirement - And When You Do, Think IRA

An Individual Retirement Account (IRA) is an excellent tool for retirement savings.  Unlike most investments, depending on the type of IRA you choose, contributions may be tax deductible and will grow either tax-deferred or tax-free.  You will also have peace of mind knowing that your IRA deposits up to $250,000 are insured through NCUSIF!

Traditional IRA's - The annual contribution limit moves to $5,000 in 2008 - don't miss your opportunity to start saving for retirement.  After 2008, the contribution limit will be adjusted annually for inflation in $500 increments.  The annual limit applies to any combination of IRA plans.  Contributions are fully tax deductible if you are not an active participant in an employer retirement plan.  Otherwise, phase out rules apply.  Investments grow on a tax-deferred basis and earnings are taxed only upon withdrawal.

Roth IRA's - Originally named after Senate Finance Committee Chairman William Roth (we don't know why, but thought you would like to know), this account may be established as long as you have earned income.  While contributions are not tax deductible, contributions and earnings can be withdrawn tax-free, and unlike traditional IRA's, you are not required to begin taking minimum distributions after reaching age 70 1/2. 

Important Note - Many financial institutions require a significant amount of money to begin an IRA.  We don't, you can open an IRA savings account right now and save until you have enough money to place your funds into an IRA CD - then you can watch your savings really grow!!

Give us a call today, or better yet, stop in at one of our branch locations to open you IRA Account today!