Individual Retirement Account (IRA)
The easiest way to contribute to an IRA is through automatic payroll deductions. You can contribute up to $7,000 annually – $8,000 if you're over age 50.
It's never too soon – or too late – to get things started
Whether you’re just beginning your career or already well along life’s path, now is the perfect time to open an Individual Retirement Account (IRA).
Starting early? You’ll have decades to grow your savings, taking full advantage of compound interest to build a sizable retirement nest egg.
Starting later in life? An IRA can still provide valuable tax advantages and steady dividends, helping you boost your retirement income and move toward a more comfortable future.
No matter where you are on your financial journey, the best time to start planning for retirement is today. An IRA from Atomic Credit Union can help you get there.
Atomic Credit Union offers a variety of savings accounts based on your needs. Open an account online or by visiting a branch in Southeast Ohio.
Traditional IRAs
- Potential income tax deduction for each year you make a contribution
- All annual interest and dividend income is tax-exempt
- Begin making penalty-free withdrawals at age 59 ½. However, those withdrawals are taxed as income.
- You're required to begin making minimum annual withdrawals at age 73
- Consult your financial advisor for more details on Traditional IRAs
Roth IRAs
- No tax deductions for annual contributions
- All annual interest and dividend income is tax-exempt
- All withdrawals are tax-free once you reach age 59 ½
- No required withdrawals at any age. In fact, you may continue making deposits to your IRA as long as you have income.
- Consult your financial advisor for more details on Roth IRAs
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