Individual Retirement Accounts (IRAs)
It's never too early to plan for your future with
a SunState FCU Individual Retirement Account (IRA). Traditional
IRAs still offer many taxpayers one of the best "shelters" for deferring
taxes on some income. In addition, IRAs are an excellent savings
tool for setting aside funds for your retirement years. IRAs give
you the advantage of compounding, regularly adding earnings to your
investment to make it grow.
SunState FCU offers competitive market rates on
traditional and Roth IRAs. With a traditional IRA, taxes on earnings
are deferred until funds are withdrawn, and you may even be able
to deduct up to $4,000 per year from your gross annual earnings
to save on your current income tax. Additionally any member aged
50 or older may make an additional $1,000 in "catch-up"
contributions. Roth IRAs are funded with after-tax money, and provide
tax-free earnings. Consult your tax-adviser to see if these accounts
would be beneficial for you.
Traditional and Roth IRA funds may also be placed
in any share certificate for a higher rate of return.
Make regular automatic payments to an IRA through
payroll deduction for even more convenient savings. You may also
benefit by making a direct transfer from an existing IRA or qualified
pension plan.
IRAs are insured to $250,000 by the National Credit
Union Administration (NCUA). With the recent government approved increase
in deposit insurance, the federal government now insures your regular
deposits and IRA deposits in SunState Federal Credit Union up to $250,000.
Extra Security for your deposits. Your
savings are insured up to $500,000 and your retirement accounts are insured up
to $500,000. Excess Share Insurance Corporation (ESI), a licensed insurance
company, provides an additional $250,000 insurance once your total savings
exceed the federal share insurance limit. Click
here for more information regarding ESI.
Start saving for your retirement today. Ask a member
service representative about a SunState FCU individual retirement
account.
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