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It seems like we are always saving for something. From a car, to a house, college, retirement, and everything in between, it seems like there’s always more we need to be saving for. Ever thought about an IRA? Individual Retirement Accounts offer something for every stage of your life. Let’s start with the biggest reason – RETIREMENT. With the cost of living constantly rising, and the average life expectancy growing every year, we need more to live off of in our retirement years. IRA’s were designed specifically to help you grow that money intended for retirement with some tax advantages. Traditional and Roth IRA’s offer the ability to save for your retirement in a tax-advantaged environment. The Traditional IRA offers the possibility of a tax deduction for qualified contributors, and is also a good place to move that old 401(k) from your previous employer. The Roth IRA does not offer the possibility of a tax deduction up-front; however, Roth IRA earnings may be tax-free provided certain qualifications are met for withdrawals. You can even make contributions for any year up until the tax filing deadline for that year (usually the following April 15th). Self-Employed? Good for you! There is another type of IRA specifically designed for you. A Simplified Employee Pension Plan (SEP) allows self-employed persons and small businesses a way to provide retirement plans for themselves and their employees. Contributions made to a SEP are tax-deductible and are considered a business expense for the employer. Health care is another major expense that can hit your wallet hard. If you are enrolled in a High Deductible Health Plan (HDHP), a Health Savings Account (HSA) may be just what you need to help with those qualified out-of-pocket medical expenses. HSA’s grow your money in a tax-deferred environment until they are withdrawn. As long as the money taken out of your HSA is used to pay for qualified medical expenses, then you pay no tax on the earnings! Have Children? Those little tax deductions also come with big expenses, the biggest of which is usually college. A Coverdell ESA is an excellent way to save for those education expenses. Just as with the IRA’s and the HSA, a Coverdell ESA grows the money invested in a tax-deferred environment until they are withdrawn. As long as you use the money withdrawn from the Coverdell ESA for qualified education expenses, then the earnings are tax-free. Interested in an IRA? To determine if you qualify to contribute to an IRA, how much you can contribute, and which type of IRA is best for you, we strongly suggest you seek the assistance of a skilled, competent tax advisor because each individual tax situation is different. When you are ready to open your IRA, stop by one of our locations to speak to one of our many IRA Specialists who are ready to assist you with your savings goals! Frequently Asked Questions:
Representatives are registered, and securities are
sold through, CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC,
a registered broker/dealer, 2000 Heritage Way, Waverly, Iowa 50677,
toll-free (866) 512-6109. Nondeposit investment and insurance products
are not federally insured, involve investment risk, may lose value
and are not obligations of or guaranteed by the financial institution.
The representative may also be a financial institution employee
that accepts deposits on behalf of the financial institution. CBSI
is under contract with the financial institution, through the financial
services program, to make securities available to members.
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