Planning for retirement is essential. At T&I Credit Union, we offer a variety of investment and retirement planning services, as well as Individual Retirement Accounts (IRAs). Individual Retirement Accounts (IRAs) are an excellent savings tool to secure your financial future. IRAs offer the advantage of regular compounding and the ability to grow your investments over time.
When it comes to retirement planning, IRAs are key. If you open an IRA with T&I Credit Union, you can receive tax advantages, compounding growth potential, and investment flexibility.
Individual Retirement Accounts (IRAs)
Take advantage of T&I Credit Union's modern IRA options designed specifically for you! Start planning for your retirement right with an IRA! Consider the following details and choose the IRA that best suits your needs:
Traditional IRA
Tax-deferred earnings and potential for tax-deductible contributions
Eligibility criteria:
Earned compensation
Will not reach the age of 70 ½ by the end of the year
Joint tax returns allow combining spouse's compensation (contributions cannot exceed combined compensation)
Withdrawals from traditional IRAs are taxed upon withdrawal, potentially at a lower tax rate during retirement
Benefit from tax deferral and the potential to maximize after-tax dollars in retirement
Roth IRA
Individual Retirement Accounts established by the Taxpayer Relief Act of 1997
Contributions are not tax-deductible
Tax-free withdrawals, including earnings, under specific plan provisions
Eligibility criteria:
Earned compensation
Income falls within limits set by Congress
Full contributions for the year allowed for single filers with a modified adjusted gross income (MAGI) up to $95,000 and joint filers with a MAGI up to $150,000
Some individuals with higher MAGI may still make smaller contributions
Take advantage of tax-free growth potential
Coverdell Education IRA
Start saving for your child's education early with a Coverdell Education Savings Account (ESA)
Contributions are not tax-deductible
Tax-free withdrawals, including earnings, for qualified higher-education expenses
Contributions allowed until the child reaches age 18
Anyone who meets income requirements can contribute to your child's Education IRA, including parents, grandparents, aunts, uncles, family friends, and others
Secure tax-free funds for tuition, books, and other qualified educational expenses
Contact Us for More Information
If you require further information about our IRA options, contact T&I Credit Union, and our knowledgeable team will assist you in evaluating your options. We understand the importance of securing your financial future and are here to help you make informed decisions.
Secure your retirement and start planning for the future with T&I Credit Union's modern IRA offerings. Contact us today and take control of your financial journey.
*Disclaimer: Rates subject to change without notice. Effective Effective 03/01/2024-06/30/2024.