Perhaps the most important account you’ll contribute to is your Individual Retirement Account (IRA.) Community Credit Union, in addition to a variety of retirement account products, offers the counseling and advice necessary to choose which retirement account works best for your needs.
1) We offer traditional IRAs, which allow tax deductions on contributions but stipulate that contributors must start withdrawing from their accounts by 70 1/2 years of age. Those withdrawn funds are then taxed as regular income.
2) Community Credit Union offers Roth IRAs as well, which allow funds to be withdrawn tax-free, but does not have the requirement that funds ever be withdrawn.
3) The Simplified Employee Pension, or SEP, would help small business owners set up Individual Retirement Accounts for their employees.
4) The SIMPLE (savings incentive match plans) IRAs allow small business owners to have a matching contribution plan which is similar to a 401(k) plan.
Let our financial experts at Community Credit Union answer your questions and discuss retirement account options for you.