Individual Retirement Accounts
Plan for Your Future.
The sad reality is that people spend more time planning their vacation, than they do the 20-40 years they will spend in retirement. Let ICCU help you plan for a more positive future with an IRA at your credit union. ICCU offers Traditional and Roth Individual Retirement Accounts (IRAs). Isabella Community Credit Union offers both share and certificate options for each IRA type.
A Traditional IRA may make sense if you:
- are eligible for a Traditional IRA deduction
- are not eligible to contribute to a Roth IRA
- anticipate a higher tax rate while saving
- anticipate a lower tax rate during retirement
- are interested in taking required minimum distribution (RMD) amounts during retirement
- are not concerned about tax savings or beneficiaries
A Roth IRA may be more fitting if you:
- are not eligible for a Traditional IRA deduction
- anticipate a lower tax rate while saving
- anticipate a higher tax rate during retirement
- want to avoid required minimum distributions
- are concerned about tax savings for beneficiaries
- are not eligible to contribure to a Traditional IRA because of the age limit
Contact a Financial Service Representative to learn how easy it can be to start planning for your retirement!
IRS Publication: Click for descriptions and facts on IRAs- IRS Publication 590, "Individual Retirement Account (IRA) Agreements. Information includes contributions, early withdrawals, ROTH IRA details, the differences between IRA types, early distribution penalties and more.
This information is not intended to provide tax advice. See a competent tax advisor to help you determine which type of IRA best suits your needs.