Building Retirement with IRAs
An Individual Retirement Account (IRA) is an investing tool you can use to set aside funds for the future. Whether you're saving for retirement, a special dream or a loved one's education, Thrivent Federal Credit Union has an IRA to help meet your needs.
The IRA Advantage
There are two types of IRAs – traditional and Roth, each with specific advantages.
A traditional IRA allows you to invest in an account up until the year in which you turn 70 1/2, as long as you still have earned income. The key benefit of a traditional IRA is that your contributions may be tax deductible, depending on your income, tax filing status and participation in an employer-sponsored retirement plan.
A Roth IRA allows you to invest in an account, as long as certain income guidelines and requirements are met. If you're eligible to invest, your contributions are made with after-tax dollars.
Though Roth IRA contributions are not tax-deductible, withdrawals may be tax-free and there are fewer withdrawal restrictions.
More Features and Benefits
This information is not intended and should not be construed as legal, investment or tax advice. Please consult your attorney, tax advisor or other appropriate professional for such advice, including advice regarding the deductibility of contributions and advice on how this information applies to your individual circumstances. Thrivent Federal Credit Union cannot and does not guarantee the accuracy or completeness of this information or the applicability of it to your individual circumstances and does not bear any liability as a result of your reliance on this information.