- Direct deposit of paycheck for IRA contributions is accepted
- Convenient deposits can be made in person or by payroll deduction
- Security: we don’t invest your money into something that might lose value—it stays here
A Traditional IRA is a type of retirement plan that offers tax-deferred earnings and the possibility for tax-deductible contributions. These tax advantages make the traditional IRA a powerful tool in creating a balanced, long-term savings plan.
- Earnings accumulate tax-deferred
- Contributions are tax-deductible if you qualify
- IRAs carry their own deposit insurance up to $250,000 that is separate from your other deposits at NWGACU
- You can contribute to a traditional IRA if you earn compensation and you will not reach age 70½ by the end of the year.
- If you meet the eligibility criteria and you are under age 50, you can contribute up to $5,000. For owners age 50 or older, your annual contribution limit is $6,000.
A Roth IRA is an individual retirement account that offers generous incentives to boost your retirement savings, as well as more ways to use your nest egg.
- Contributions are allowed at any age
- Qualified distributions are tax-free
- Flexible withdrawal options are available
- The money in your Roth IRA, including earnings, can be withdrawn tax-free. Of course, you must conform to certain tax requirements to get this tax-free advantage.
- The annual contribution limit for someone under age 50 is $5,000. The annual contribution limit for someone age 50 or older is $6,000.
Find out more about the best option for you over the phone at 706.291.9290 or 706.802.0030 or stop by either one of our offices to speak with a Financial Services Officer