For many, the idea of retiring may seem so far away that it feels foolish to even spend time thinking about it or saving for it. Whether you are just starting your career or working longer than you had planned to save for – retirement is still a key element in your financial plan. It’s never too early and it’s never too late to save for retirement.
By tucking away funds into a traditional IRA, you may gain tax advantages. Contributions may be fully or partially tax deductible, depending on your circumstances, and usually amounts in your traditional IRA (including earnings and gains) are not taxed until distributed. With a traditional IRA you must start taking money out once you reach the age of 70˝.
With a Roth IRA, you can’t deduct your contributions, but if you satisfy the requirements, qualified distributions are tax-free and you can continue making contributions even aft er you are 70˝. You can leave funds in your Roth IRA for as long as you want.
Refer to IRS Publication 590, available online at www.irs.gov, for complete details on contribution limits, tax benefits, and distribution requirements. Th en, stop by the credit union to open or contribute to an IRA today!
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