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Are you planning for retirement?

Approximately one-third of credit union members indicate that "assuring a comfortable standard of living during retirement" is their most important financial goal.

Older members place it even higher on their priority list. Forty percent of members ages 45-54 and thirty-nine percent of members ages 55-64, consider a comfortable retirement their most important long-term goal. These statistics also demonstrate that many members are not planning for their retirement. Why should you start an IRA now?

Traditional IRAs

All or a portion of your IRA contribution may be tax deductible based on your income and active participation in employer-sponsored retirement plans. Anyone may make a nondeductible contribution to help save for retirement!

All earnings on your IRA are tax deferred until you make withdrawals from your account. This means you earn more and your money grows faster, because of the added benefit of compounding.

Status for deductibility is determined individually

Roth IRAs

The sooner you begin an IRA, the more you will earn. Even if you get a late start, you can still increase your retirement earnings if you start planning adequately right now. If you are among the credit union members that have not established a regular saving plan, here are some facts you should know:

Source: The National Endowment for Financial Education