Ready to get started saving for your retirement? An Individual Retirement Account (IRA) can help you plan for the future. With an IRA, you can grow your savings with a tax-deferred plan. ACU is also glad to help you rollover an existing qualified plan to a new IRA, or help you transfer an existing IRA to our credit union.
Key Features
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Keep Savings Local
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Competitive Rates
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Tax-Deferred Savings
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Fully Insured
Keep Savings Local
Competitive Rates
Tax-Deferred Savings
Fully Insured
If you are interested in tax benefits beginning at the start of your retirement savings, a traditional IRA may be your best bet. Traditional IRAs allow you to make pre-tax contributions, and you can start taking money out of the account without penalty beginning at age 59 ½. Distributions are counted as earned income and are subject to income tax.
Product Details
- Save up to $5,500 a year
- Competitive rates
- Tax-deferred earnings
- Penalty-free withdrawals at age 59 ½
- Required minimum distributions starting at 70 ½
For those interested in enjoying tax-free distributions for their retirement, a Roth IRA is a great option. Contributions to a Roth IRA come from your post-tax earnings. That means you avoid paying taxes on your savings when you begin to take distributions at age 59 ½. However, you can withdraw money without penalty earlier if you are taking out less than your principal (i.e., not money earned from interest) and the principal has been in the account for at least five (5) years.
Product Details
- Save up to $5,500 a year
- Competitive rates
- Penalty-free, tax-free withdrawals as early as 5 years after the principal deposit
- Tax-free withdrawals of any amount starting at 59 ½
- Required minimum distributions starting at 70 ½