Whether you're close to retirement or early in your career, it's always a good time to add to your retirement nest egg. An Individual Retirement Account (IRA) from Freedom Credit Union can play an important part in your retirement savings strategy.
Contribution limits have increased - Individuals under age 50 can contribute $5,500 per year; individuals age 50 and older can contribute $6,500 annually.
Retirement deposits are insured to $250,000 by the National Credit Union Administration (NCUA), so you can rest easy knowing your funds are safe. We offer both Traditional and Roth IRA's, so you can choose the option that is right for you.
Traditional IRAWith a traditional IRA, you get a tax deduction in the year you make your contribution, along with tax-deferred earnings. You are taxed when you withdraw the money. Penalty-free withdrawals can be made beginning at age 59 ½; withdrawals are mandatory beginning at age 70 ½.*
Roth IRAContributions to a Roth IRA are not deductible in the year you make them, but you have the possibility of tax-free withdrawals of both principal and all earnings. Penalty-free withdrawals of earnings begin at age 59 ½; mandatory withdrawals are not required with a Roth IRA.*
*Exceptions may apply. Check with your tax professional for information specific to your circumstances.