Bridgewater Credit Union
IRA

Individual Retirement Accounts (iras)

IRAs are individual retirement accounts. Different types of IRAs offer tax advantages, which make them powerful tools for creating a balanced, long-term retirement savings plan. What to consider when choosing an IRA:

  1. What is your tax filing status?
  2. Do you file your taxes single or jointly?
  Traditional IRA Roth IRA Rollover IRA
Ideal for... Those looking to defer taxes on their earnings or add to current retirement plan contributions.

Those looking for tax free distributions.

Individuals not eligible for traditional IRAs.

Certain income requirements must be met to qualify for a Roth IRA

People changing jobs or consolidating plans due to retirement.
Tax Deductibility Contributions may qualify for a tax deduction if your household income meets certain qualifications Contributions are not tax deductible. Contributions may qualify for a tax deduction if your household income meets certain qualifications  
Tax Deferred Growth Earnings grow tax deferred until you withdraw them Earnings will grow tax free as long as certain qualifications are met. Earnings grow tax deferred until you withdraw them  
Contributions You can contribute if you earn compensation and will not reach the age of 70 1/2 by the end of the year. Subject to contribution limits. As long as your income meets the eligibility requirements, you may contribute to your Roth IRA at any age. Subject to contribution limits. Will accept funds from other types of qualified plans such as 401K or 403B
Tax-Free Withdrawals There are taxes on withdrawals made after age 59 1/2 . Any withdrawals made before that time will have a federal penalty assessed Money may be withdrawn tax-free if certain requirements are met. None
 

IRA Rates As of  

Rates may change after account is opened.

*$1,000 minimum deposit to earn stated APY. Penalty for early withdrawal.

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MSIC NCUA Equal Housing Lender Intercept SUM

NMLS# 644173

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