Wherever you are on the road to retirement, we have your best interests at heart. Five dollars is all it takes to open a Traditional, Roth, Coverdell Education, or SEP Individual Retirement Account (IRA). And you’ll earn dividends. These funds can reduce your present tax burden. We also don’t charge start-up costs or maintenance fees and recommend automatic deposits. The 2020 traditional and Roth IRA contribution limits have increased to $6,000 annually, and $7,000 annually if you are age 50 or older. Educational IRAs have increased to $2,000 annually. The SEP IRA contribution limit is up to 25% of your salary up to $57,000 (subject to cost-of-living adjustments), whichever is less. If you don’t already have an IRA we can help find the best option for your needs.
Make every cent you earn count and create a productive retirement plan. Traditional IRA’s offer tax-deferred earnings and the possibility for tax-deductible contributions. This means you’re not taxed until these earnings are withdrawn. The ability to defer taxes and withdraw in a year when you may be in a lower tax bracket can mean more after-tax dollars in retirement.
Learn more about Traditional IRAs
Want to boost your retirement savings? A Roth IRA can do just that. Although contributions to a Roth IRA are not tax deductible, earnings can be withdrawn tax-free, along with the money you contribute to the Roth IRA. To take advantage of these generous incentives, you must conform to certain tax requirements to get the tax-free advantage.
Whether college is two years away or ten, make saving for tuition a little easier. A Coverdell ESA is an Educational IRA designed to help you pay for your child’s educational expenses. Although your contributions aren’t tax deductible, this IRA offers you the potential for tax-free withdrawals, including earnings. We give it an A.
If your business is small, your retirement plan doesn’t have to be. A SEP IRA (Simplified Employee Pension) is a retirement plan popular with many small business owners and self-employed individuals. A SEP IRA plan provides business owners with a simplified method to contribute toward their employees’ retirement as well as their own retirement savings. Contributions are made to an Individual Retirement Account set up for each plan participant.
*Zeal Credit Union is not licensed to offer tax advice. Please consult a tax advisor about your specific situation, or for information on any tax incentives you may be eligible for.
Learn more about SEP, SIMPLE IRA, and Individual(k)™ Plans
Learn more about these other IRA options:
Transfers, Rollovers, and Conversions
IRA and Retirement Plan Distributions
Health Savings Accounts
Health Savings Accounts for Employers
Frequently Asked Questions