Setting aside money in an Individual Retirement Account (IRA) can be an ideal way to plan for your future, supplement other retirement savings and meet your long-term financial goals. A traditional IRA at NET Credit Union offers tax-deferred savings. Meaning contributions aren’t taxed until you withdraw funds at retirement. At that time, any money you withdraw will be taxed as income at your ordinary tax rate. A benefit is that many people pay less in taxes on these earnings because they are in a lower tax bracket after retirement. Open an IRA to enjoy a unique tax advantage and NET Credit Union’s competitive dividend rates. There’s no time like today to start saving for your retirement! Speak to your tax advisor to see which IRA might be better for your individual tax situation.
Features & Benefits of a Traditional IRA
- Open an IRA with No minimum deposit
- Traditional IRAs are tax-deferred, which means you don’t pay federal income taxes until you begin to take withdrawals from the account.
- Contributions may be tax deductible
- To open, members must be under the age of 70½ and have earned compensation
- A 10% early withdrawal penalty tax may apply for withdrawals prior to age 59½
- Withdrawals for special purposes, such as first-time homebuyer costs or higher education expenses, may be permitted prior to retirement.
- Mandatory withdrawals begin when you reach age 70 ½
- IRAs from other institutions may be transferred or rolled over into a NET IRA. Funds from a qualified pension, profit-sharing, 401(k) and SEP may also be rolled over to an IRA.
- Contributions limits apply and may be made until April 15 of each year for the previous year
- Deposits can be made easily by payroll deduction or direct deposit
NET Credit Union has IRA options for every stage of your life!
Questions? Call one of our IRA specialists today at 570-961-5300.
All IRA products are considered member deposits.
All Savings Products are Variable Rate and subject to change without notice. Current rates here.
NET does not provide tax, legal or accounting advice. This website has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.