Save money today and enjoy tax-free withdrawals in retirement with a Roth IRA from CorePlus Credit Union.
Start Saving for a Tax-Free Retirement with a Roth IRA From CorePlus
- Tax-free growth
- Tax-free withdrawals in retirement (provided you meet certain requirements)
- No RMDs (required minimum distributions)
- You may qualify for a tax credit of up to $1,000 when you make a contribution
- Annual contribution limit of $7,000 for those under 50, and an additional $1,000 catch-up contribution for those 50 and older
Building a secure future starts with saving today!
Roth IRAs at CorePlus Credit Union
A Roth IRA is a great way to save for retirement and reduce your tax burden. With a Roth IRA, you make contributions with after-tax dollars. This means that you have already paid taxes on your contributions. However, your earnings will grow tax-free, and you can withdraw them tax-free in retirement, provided you meet certain requirements.
| Feature | Roth IRA | Traditional IRA |
|---|---|---|
| Contributions | After-tax | Pre-tax |
| Earnings | Tax-free | Tax-deferred |
| Withdrawals | Tax-free in retirement | Taxable in retirement |
| RMDs | None | Yes, starting at age 73 |
| Eligibility | Must meet income requirements | No, income requirements |
| Required minimum distribution (RMD) | None | Yes, starting at age 73 |
How to Open a Roth IRA Account with CorePlus Credit Union:
To open a Roth IRA account with CorePlus Credit Union, simply visit one of our branches. You’ll need to be at least 18 years old and have a valid Social Security number.
Take Control of Your Financial Future
No matter which type of IRA you choose, the most important thing is to start saving early. The earlier you start saving, the more time your money has to grow. Even if you can only save a small amount each month, it will add up over time.
Here are some tips for saving for retirement with an IRA:
- Start early – The earlier you start saving, the more time your money has to grow.
- Set a goal – Decide how much money you want to have saved for retirement. This will help you stay motivated and on track.
- Make regular contributions – Even if you can only save a small amount each month, it will add up over time.
- Invest your money wisely – Choose investments that are appropriate for your risk tolerance and time horizon.
- Rebalance your portfolio regularly – As you get closer to retirement, you may want to shift your portfolio to more conservative investments.
Open a Roth IRA account with CorePlus Credit Union today.
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