• Due to compounding dividends (interest), the sooner you begin saving, the more your money will grow.  (That's why younger people especially benefit from an IRA.)

• And because people are living longer, you'll probably be retired for many years.  Pensions and Social Security alone might not be enough.

TAX ADVANTAGES OF AN IRA

• Earnings are tax-deferred.  The IRA grows without taxation until you make withdrawals.

• All or part of your IRA contribution could be tax-deductible (check with your tax advisor).

(Except in certain cases, there is a Federal tax penalty for withdrawal before you reach age 59 1/2).

CREDIT UNION IRAS

• Contributory IRAs allow you to add to your account via payroll deduction or another savings plan.

• IRA Certificates require you to deposit a certain amount of money for a specific term.  The certificate earns dividends until maturity.

BENEFITS OF A CREDIT UNION IRA

• Safety- your funds are insured up to $350,000 per member

• Flexibility- terms range from 12 to 60 months

• Convenience- once the IRA is opened, you can just relax and let it earn dividends

 Click here to learn more about the three types of IRAs:  Traditional, Roth, and Education.

Current IRA rates can be found by clicking here.