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.
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 $6,000 in 2020-2021 ($7,000 if you’re age 50 or older), or your taxable compensation for the year, if your compensation was less than this dollar limit.
Filing deadline to submit 2020 tax returns is Thursday, April 15, 2021.
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.