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. Send us your info to get started.