Traditional IRA
Put the gold into your golden years.
Someday you’re going to want to stop working and start enjoying life at a different pace. In the meantime, give your retirement savings a place to grow tax-deferred. Traditional IRAs (Individual Retirement Accounts) are insured up to $250,000 by the NCUA.
Tax breaks today + money for tomorrow
One of the big advantages of a Traditional IRA is that your money grows tax deferred and your contributions may be tax deductible. You generally won’t get taxed on your retirement savings until you start withdrawing the money, then you’ll pay taxes on the income just like you would on any other type of income. Not paying taxes up front means more money in your account earning interest. You’ll also be taking advantage of compounding, which basically means that even your interest will earn interest because it’s automatically reinvested for you. So, what does that look like in real life? Saving the money, you would have spent on one fancy coffee today can mean a whole week of fancy coffee in the future.
The 411 on Traditional IRAs
One of the great things about an IRA is that it gives you an annual savings goal (your max contribution amount) and lets you watch real growth happen over time. Even if you already have a 401(k) through your employer, you can still open a Traditional IRA as well. Addition Financial recommends you speak with a financial advisor when making any decision regarding investments and your retirement.
- No minimum opening deposit
- Dividends compounded daily and credited monthly
- Save and invest pre-tax money
- Add to your retirement as often as you’d like throughout the year
- Contributions can be made at any age
- Withdrawals must begin at age 73
Traditional and Roth IRAs (Individual Retirement Accounts) are insured up to $250,000 by the NCUA. Addition Financial recommends you speak with a financial advisor when making any decision regarding investments and your retirement.
Growth Plus Money Market
Where do you want your Growth Plus Money Market account to take you? A high-yield Growth Plus Money Market account, with market-leading rates, will get you to your savings goals quicker than those "other" savings accounts at the big banks.
Investment Services
The financial professionals at MEMBERS Financial Services have one objective: to help you reach your financial goals. We want to help you make sound financial decisions.
Related Articles
5 Best Ways to Save for Retirement in Your 30s
At 30, you may have already started a savings account towards your future, but have you started saving for retirement? If you’re wondering where and how to save for retirement, here are five of the best ways to get started.
Retirement Strategies: When Do I Start Saving for Retirement?
If you wonder when you should start saving for retirement, here are some of the best retirement strategies – and some pointers on when and how to get started.
Retirement Investing 101: What's the Average 401k Balance?
One of the most common types of retirement account is the 401k. Seeing how your balance stacks up against people your age can help you see where you stand.