Plan Ahead with an Individual Retirement Account
It is never too early to start saving for the future. An Individual Retirement Account (IRA) may offer tax savings and higher dividends as well as help you supplement a 401k or other employer sponsored plan. Set up payroll deductions or automatic payments for easy, consistent contributions to your IRA all year long. Progressions Credit Union has choices such as an IRA Savings or Certificate and all accounts are federally insured by the NCUA up to $250,000.00. If you would like other options besides a Savings or Certificate account please see our Long Term Investing page for other investment choices.
- Anyone under age 70 ½ with earned income may contribute up to $5,500.00 or up to $6,500.00 if you are age 50 or older. Limits could be lower based on your income.
- Earnings are tax deferred.
- Distributions allowed at age 59 ½ with no IRS penalties.
- Required minimum distributions at age 70 ½.
- Income restrictions apply to participate.
- Contribute up to $5,500.00 or up to $6,500.00 if you are age 50 or older. Limits could be lower based on your income.
- Qualified tax free distributions from Roth IRA’s occur if you have owned a Roth IRA for at least five years and you are 59 ½ or older, disabled, a first-time homebuyer, or deceased.