An individual retirement account (IRA) allows individual members to direct pretax income, up to specific annual limits; toward vehicles that can grow tax-deferred (no interest or dividend income is taxed). Individual taxpayers are allowed to contribute 100% of compensation up to a specified maximum dollar amount to their Traditional IRA. Contributions to the Traditional IRA may be tax-deductible depending on the taxpayer's income, tax-filing status and other factors.
- Use Payroll Deduction to have contributions made to your IRA directly from your paycheck
- You can start withdrawing your traditional IRA savings at age 59 ½ without penalty
- Roll over your distribution from a qualified retirement plan/ 401(k) to a traditional IRA
- There is no fee for IRA accounts at ProMedica Federal Credit Union
Making regular contributions to your IRA can be one of the best ways to build your retirement assets. Take advantage of the tremendous growth potential of tax-deferred investing by contributing the maximum to your IRA. $5,500 is the maximum contribution for 2013 and 2014 unless you are over 50 years of age, then it is $6,500.
Traditional IRA Savings/Share Certificate Rates
A Roth IRA is a retirement savings account that allows your money to grow tax-free. You fund a Roth with after-tax dollars, meaning you've already paid taxes on the money you put into it. In return for no up-front tax break, your money grows and grows tax free, and when you withdraw at retirement, you pay no taxes. Every penny goes straight in your pocket.
- Use Payroll Deduction to have contributions made to your Roth IRA directly from your paycheck
- The contributions you have made to your Roth IRA can be withdrawn tax-free and penalty-free at any time
- If your Roth IRA has been open for 5 tax years, withdrawals are tax free if it for a specific reason (disability, death, or first time home purchase)
- There is no fee for Roth IRA accounts at ProMedica Federal Credit Union
Making regular contributions to your Roth IRA can be one of the best ways to build your retirement assets. $5,500 is the maximum contribution for 2013 and 2014 unless you are over 50 years of age, then it is $6,500.
Roth IRA Savings/Share Certificate Rates