Retirement Savings - IRAs

With an Individual Retirement Account (IRA) at AmeriCU, you can enjoy a variety of investment options to meet long, medium or short-term needs. As millions of Americans have already discovered, IRAs are one of the best savings tools available today. More people than ever before are now eligible to take advantage of the incredible tax advantages available through IRAs.

Past legislation brought about sweeping changes related to retirement and other savings arrangements. The benefits of the changes include:

  • Increased contribution limits
  • Catch-up contributions for individuals who attain age 50 before the end of the taxable year
  • Increased portability of assets between various plan types
  • Other changes to rollover rules

What makes IRAs such a great savings tool is the special federal tax laws governing the taxation of amounts earned within an IRA. Earnings within Traditional IRAs generally are not taxed until they are distributed from the Traditional IRA. Earnings within Roth IRA and Coverdell Education Savings Accounts generally are not even subject to federal taxes. What's more, Traditional IRA contributions are tax-deductible for many taxpayers. Over time, these special tax features can result in significantly larger IRA savings accumulations than what can be accomplished in ordinary savings tools.

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Learn more about IRAs

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