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The
NCUA Board has increased share insurance limits to $250,000 for
retirement accounts such as Traditional and Roth IRAs (Individual
Retirement Accounts). Click
here for more information on share insurance.
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TIP:
You can use payroll deduction to build a retirement nest egg - Start
today at Your Credit Union. Just $20 weekly to an IRA
account would accumulate over $1,000 of retirement savings each
year.
Opening or adding to an Individual Retirement Account (IRA) is an
excellent way to take control of your financial future. You can count on
your IRA no matter what changes might occur in the Social Security program or
your pension plan. And, unlike most investments,
depending on the type of IRA you choose, contributions may be tax deductible
and will grow either tax-deferred or tax free.
The contribution limit is $4,000 in
2006-2007; $5,000 in 2008. The limit will adjust annually for inflation
in $500 increments starting in 2009. Those age 50 or older can contribute an extra
$1,000 starting in 2006 and thereafter.
Contact your credit union today to learn
more about today's IRAs!
TIP: You can earn a higher
rate on your IRA by investing in a certificate of deposit. Ask any
teller for information.
