Traditional IRA: The main
benefit of a traditional IRA is that your contributions may be
tax-deductible provided you meet the eligibility requirements. Earnings
and tax-deductible contributions are taxed as ordinary income only when
they are withdrawn. Anyone earning income and under the age of 70˝ is
allowed to invest. In addition to Traditional IRA Savings Accounts
REALTORS® Federal Credit Union offers Traditional IRA Certificates.
Roth IRA:
Contributions to Roth IRA accounts are made using after-tax dollars.
The benefit of this is that the funds you withdraw in retirement may be
free from federal taxes. You will pay no taxes on earnings withdrawn
after the age of 59˝ and after you've had the account for 5 years or
more. In 2010, anyone with an adjusted gross income of $120,000 or less
($177,000 or less for joint tax filers) is eligible. In addition to Roth
IRA Savings Accounts REALTORS® Federal Credit Union offers Roth IRA
Certificates.
SEP IRA: A
Simplified Employee Pension (SEP) IRA is an employer-sponsored
retirement plan which is offered to small business owners and their
employees. Small business owners can make tax-deductible contributions
to the plan. If you are looking for a low-cost and easily maintainable
retirement plan for your employees, a SEP IRA is the way to go. You are
eligible to contribute at any age if you are self-employed or a small
business owner. In addition to SEP IRA Savings Accounts REALTORS®
Federal Credit Union offers SEP IRA Certificates.
For rates, click on the "Rates" tab from the Individual Retirement Accounts page.
