Retirement savings with tax advantages
A Traditional IRA lets you defer taxes on dividends until you begin taking distributions. Most people younger than age 70-1/2 can make contributions to a Traditional IRA, and the contributions may be deductible on your federal income tax return.
There are no trustee fees on NGFCU IRAs, so all the dividends work for you.
A Traditional IRA may be right for you if:
- You’re seeking a possible tax deduction.
- Your spouse is enrolled in a company-sponsored retirement plan in which you are not a participant and you meet income and tax filing requirements.
- You want to rollover 401(k) or 403(b) distributions into an IRA to avoid the mandatory federal income tax withholding. If you’re younger than 59-1/2, you will also avoid a 10% tax penalty.
Start saving for retirement today
An NGFCU member service representative can help you complete the simple forms needed to establish your IRA.