IRA stands for Individual Retirement Account. It's a personal retirement plan where your earned income is contributed into an IRA account regardless of whether you participate in an employer's retirement plan or 401K. It's a great way to make your money earn more for you.
Why an IRA is a good choice.
When deciding which option is right for you, there are a few things to consider and qualifications you may need to meet, but saving early is always a good choice.
Safe and Secure
Quickly earn more
Take advantage of tax incentives
Save early and relax later
Which IRA is right for you?
There are two types of IRAs, and the main difference is when you pay taxes on your deposits and withdrawals.
A traditional IRA is tax deferred. This means that you can contribute money before it's taxed, and you don't owe taxes on those contributions or your earnings until you withdraw the money.
A Roth IRA is not tax deferred, which means you owe taxes when you contribute the money to the account.
At TFCU we offer one of the best IRA return rates in the nation!
See how much you should be saving in order to enjoy the quality of life you want with our free retirement calculator!