Retirement Planning
It is best to start planning for your retirement early. Congress established Individual Retirement Accounts to encourage individuals to save money for their retirement. Directions Credit Union offers a variety of long or short term IRA investment options to make saving easy for members. Choose the one that fits your retirement planning goals.
Traditional IRA- A traditional IRA is primarily an individual retirement savings plan with the benefit of tax deferred earnings and for some, tax deductibility. Required minimum withdrawals must begin by 70 1/2, but penalty free withdrawals may be available at age 59 1/2.
Roth IRA- A Roth IRA is an individual retirement savings plan which is nondeductible, but features tax free withdrawals for certain distributions. You may also be able to contribute longer to a Roth IRA than you can to a traditional.
You should check with your tax consultant first to determine which IRA is best for you. In most cases, you can establish an IRA even if you already participate in a retirement plan sponsored by your employer.
For more information on IRA investment options at Directions Credit Union, please contact a member service representative.
