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Individual Retirement Accounts

It’s never too early (or too late) to save for retirement

Plan for your best future

An important component to financial health is ensuring you have a secure future. Whether it’s decades from now or right around the corner, an Individual Retirement Account (IRA) can help you save for your retirement.

With an IRA, you can contribute money annually based on what you’ve earned or up to IRS-established limits on age and income. The type of IRA you choose will depend on whether it’s most beneficial for you to receive an upfront tax break or tax-free withdrawals at retirement. Here are the two options:

Traditional IRA (Think federal tax benefit now)

Tax-deferred dividends make IRAs one of the most effective ways of saving for your retirement. The traditional IRA is a retirement savings account that allows eligible individuals to save for retirement by contributing up to a certain amount each year. Visit to see if you meet eligibility requirements.

The earnings on investments in a traditional IRA grow on a tax-deferred basis. That means you don’t pay taxes until the amount is distributed or withdrawn.

Roth IRA (Think federal tax benefit later)

Roth Certificates offer you tax-free earnings at retirement and tremendous flexibility for withdrawing funds prior to retirement. Although contributions are not deductible when the funds are contributed, earnings accumulate tax-free and remain tax-free at distribution or withdraw. You cannot withdraw your funds within the first five years after the establishment of the Roth without a penalty.
1st United Credit Union cannot give tax advice. Please consult your tax advisor or visit

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