SESLOC Federal Credit Union - Financial Focus

Let Uncle Sam Help You Save for Retirement

Saving money for retirement is always a good idea. But did you know that you may also qualify for a tax credit if you make contributions to an IRA or employer-sponsored plan?

A 2006 law provides for a Saver's Credit, which gives those with low to moderate incomes a tax credit of up to 50% of their contributions. You may be able to take a credit of up to $1,000 (or $2,000 if
filing jointly).

For 2007 taxpayers, the Savers Credit applies to:*

Individuals earning $26,000 or less.
Married taxpayers filing jointly earning $52,000 or less.
Head of Household filers earning $39,000 or less.

Taxpayers under age 18 and full-time students are ineligible. Contact your tax advisor to learn more about how saving for retirement can save you money on your taxes. Then visit a SESLOC branch to open an IRA, and let us help you reach your retirement goals.

*	Income figures are for 2007. The credit amount is based on your filing status, your adjusted gross income and your qualifying retirement contribution amount. Consult your tax professional about eligibility.

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