Fill your golden years with even more golden moments
What are your retirement dreams? Maybe you plan to slow down and relax. Or step out and try new things. Or a little of both. Whether your wish list is short and sweet or filled with adventure, you can help make it all happen with a tax-advantaged Individual Retirement Account from Afena Federal Credit Union.
The first step in starting a retirement savings account is to pick the right plan to meet your needs. Afena offers both Traditional and Roth IRAs as both savings accounts and share certificates. Each plan type offers different benefits to grow your retirement savings.
- Traditional IRAs enjoy tax-deferred growth, with taxes paid on withdrawals when you retire
- Roth IRAs enjoy tax-free growth and are ideal for anyone willing to forgo the tax-deduction on their contributions now, in exchange for tax-free growth and tax-free qualified withdrawals upon retirement
- Both accounts allow you to contribute up to the annual maximum allowable limit set by the federal government, which for 2024 is $7,000 a year ($8,000 if over age 50)
- Both accounts offer guaranteed returns and allow you to earn steady dividends in a savings account or share certificates
Traditional IRA
- Open with a $150 minimum deposit
- Earn higher dividends compared to standard savings accounts
- Pay taxes upon withdrawal
- Flexible contribution amounts allow you to grow and manage your savings over the long term
- Contribute at any time and any age with earned income
- You may be able to take a tax deduction any year that you make a contribution
- All annual dividend earnings are tax-exempt
Roth IRA
- Open with a $150 minimum deposit
- Earn higher dividends compared to standard savings accounts
- Flexible contribution amounts allow you to grow and manage your savings over the long term
- Contribute at any time and any age with earned income
- Enjoy tax-free growth and tax-free qualified withdrawals
- All annual dividend earnings are tax-exempt
Traditional IRA Certificate
- Invest with a $250 minimum deposit
- Earn higher dividends than our IRA Savings account
- Choose from various terms with longer terms earning higher dividends
- Contributions are tax-deductible
Roth IRA Certificate
- Invest with a $250 minimum deposit
- Earn higher dividends than our IRA Savings account
- Choose from various terms with longer terms earning higher dividends
- Qualified withdrawals are tax-free
The information above is provided for informational purposes only and does not constitute legal, tax, or accounting advice relating to retirement investments. Please consult your tax, accounting and/or legal advisor for assistance relating to retirement issues.
The IRS provides valuable resources regarding annual IRA contribution limits and additional, detailed information for other types of accounts.
Afena Federal Credit Union is a full-service financial institution headquartered in Marion, IN that serves Grant, Wabash, Blackford, Jay, and Wells counties.
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