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Individual Retirement Accounts, or IRAs, is an easy way to save for your retirement. Unlike a 401K, which is sponsored by an employer, you have the power to invest money, tax-free, in an IRA account for use in retirement.
At Minnequa Works Credit Union, we recognize the importance of planning for a secure and prosperous retirement. Our Individual Retirement Accounts offer two distinct options – Traditional and Roth IRAs – that cater to your unique financial needs and goals!
A Traditional IRA presents a tax-deferred savings opportunity, allowing you to contribute pre-tax income, potentially providing tax benefits now. Enjoy the benefits of tax-deferred growth, allowing your savings to grow tax-free until retirement, when withdrawals are taxed as income.
This is an excellent option for those seeking immediate tax benefits and foreseeing a potentially lower tax bracket during retirement*
For those looking for tax-free retirement income, a Roth IRA may be the ideal choice. Contributions into a Roth IRA are made with after-tax dollars, allowing for tax-free growth and withdrawals during retirement. Enjoy the flexibility of accessing contributions after 5 years, if needed. This makes a great option for those anticipating higher tax rates in the future or seeking tax diversification in their retirement savings. *
*Information provided regarding IRAs is intended for informational purposes only and should not be construed as tax advice. We highly recommend consulting with a qualified tax advisor before making any decisions related to IRA contributions, conversions, or withdrawals.
Tax laws and regulations regarding IRAs are complex and subject to change. Please note that Minnequa Works Credit Union does not provide tax advice and all decisions regarding IRAs should be made in consultation with a qualified tax advisor.