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Traditional IRAs are more attractive than ever because expanded income limits mean more people will be able to make tax-deductible contributions. In addition, penalty-free withdrawals are allowed for qualified higher education expenses and for a first-time home purchase.
There are two choices when opening an IRA; read on to discover which is right for you.
Contributions to the Roth IRA or Coverdell ESA aren't tax deductible, but the accounts offer the opportunity for tax-free earnings.
Although there are income limitations, you may receive greater tax savings and more distribution flexibility with a Roth IRA than with a Traditional IRA. It may be a solution when looking for tax savings in the future, rather than today.
Your tax adviser can offer more guidance on which type of IRA may be best for your needs. Of course, we are always here to answer your questions and assist you with opening an IRA.
Use the following resources when considering your retirement options:
Which is better for me, a Traditional IRA or a Roth IRA?
Our IRAs offer:
* Traditional and Roth IRAs at one credit union are insured in the aggregate to $250,000, and separate and apart from insurance on other credit union accounts. Retirement account insurance protection applies to credit union accounts, not investments.
For more information on IRAs, please call us at (800) 334-8788.