Retirement Savings Basics: IRA
One of the most popular ways to save for retirement is by taking out an Individual Retirement Account , or IRA. With IRAs, retirement savers deposit a portion of their yearly salaries (usually up to $5,000) into the account, where it accrues interest without being taxed. These tax benefits come with heavy restrictions and limitations as to what you can and can’t do with the funds. Most notably, you will incur stiff penalties if you withdraw any cash from your IRAs before you reach the age of 59 and a half. There are numerous types of IRAs, including personal accounts, employer-sponsored accounts, those with differing deposit limits, and other variations. Your financial advisor can help you decide which one is best to suit your needs.
If you are considering taking out an IRA, make sure to set up an appointment with an advisor at GCS Credit Union. We will be happy to help you analyze your finances and determine which IRA can best help you meet your retirement needs . Call (618) 797-7993 to schedule your consultation today.