SESLOC Federal Credit Union - Financial Focus

Know Your IRA

An individual retirement account (IRA) can help you work toward a financially secure retirement. An IRA at SESLOC allows you to build savings in a federally insured and tax-advantaged account. The NCUA insures all credit union deposits up to $100,000, and it covers IRAs up to $250,000 per member.

The virtue of an IRA lies in its ability to amplify your savings due to tax-advantaged growth. If you leave your money untouched, your earnings will grow faster than they would in an equivalent taxable account.

A traditional IRA allows you to defer taxes on the account earnings. In addition, you may be able to deduct at least part of the contribution from your taxes – if you are eligible. You must pay taxes when you begin taking withdrawals at retirement.*
A Roth IRA offers tax-free growth when you hold it for at least five years and begin taking distributions after age 59 ½. To be eligible, a single taxpayer’s adjusted gross income must be less than $110,000 and a couple filing jointly must have income less than $160,000.

Start saving now to make the most of your earnings. To learn more about our IRAs, visit the Accounts section of our website or visit your local branch.

*	Taxes are due upon withdrawal at ordinary income tax rates. Withdrawals prior to age 59½ may be subject to a 10% tax penalty. Income limits apply. Consult your tax professional regarding your situation.

« Newsletter Home