An Individual Retirement Account (IRA) is a tax deferred, deposit account that individuals contribute funds toward their retirement. Not everyone is eligible for the tax deferment. IRAs may be opened by any wage earner and offer many members tax-saving advantages. Consult your tax advisor for tax deductibility.
Will you be ready for life after work? The sooner you start investing, the sooner you’ll can say goodbye to the daily grind and hello to retirement. Take care of your future and invest in an IRA today. IRA’s are specifically designed to give you an advantage on your retirement savings through unique tax incentives, including compounded interest that continually grows tax deferred. These tax advantages should make investing in an IRA the foundation of your retirement portfolio.
- Minimum to open: $5
- Minimum to earn : $100
Roth IRA allows the member to contribute up to $2,000 of earned income annually no matter what age as long as the member still has compensation and the stipulations are still the same as a Traditional IRA for a working spouse and a non-working spouse. Roth IRA’s are not tax deductible, but contributions may be withdrawn from a Roth at any time without any tax penalties. The interest that the contributions have earned is what cannot be drawn until certain qualified distributions are met. *See Truth in Savings Disclosure for current rates and APYs.
- Minimum opening deposit is $5
- Minimum to earn is $100
- Frequency of interest credited: Monthly
*APY – Annual Percentage Yield
Your Savings are federally insured up to $250,000 by the National Credit Union Administration (NCUA) – a U.S. Government Agency. Savings in excess of the $250,000 are insured by the Massachusetts Share Insurance Corporation (MSIC).