Individual Retirement Accounts

Retirement Planning

Did you know that IREFCU offers IRA retirement accounts? Whether you are many years from retirement or planning to retire soon, our IRA retirement accounts can help you on your journey to retirement! Different approaches are suitable depending on your age.

Twenties
If you are just beginning full-time work, you probably aren’t thinking about retirement. Re-think that! The sooner you start saving, the better off you’ll be. If you contribute to an employer-sponsored plan such as a 401(k), many employers offer a matching contribution. Don’t leave free money on the table!

Thirties and Forties
You should be well underway with saving for retirement. Many financial advisors suggest that workers who are not covered by a defined benefit plan should save 12% to 15% of their salary in a defined contribution plan or other tax-advantaged account such as an Individual Retirement Account (IRA). If the total contributions you and your employer are making are less than 12%, consider increasing how much you contribute by 1% of your salary each year. Many 401(k) plans offer an automatic increase feature, which makes it easy to save more.

Fifties

You may have a retirement date in mind. Deciding when to retire is one of the biggest financial decisions you will make. Retiring too soon and facing the risk of potentially outliving your money is a frightening proposition. Will you have enough savings to cover your needs? How long will your money last? How much will your projected retirement income and expenses be during retirement? Federal Regulations for higher annual contributions to your IRA accounts may help ease your mind and get into a better position for retirement!

Sixties and up

Once you retire, you can withdraw annually from your personal retirement savings accounts. FYI, you may still contribute to your retirement as there are no age limits to contributions.

If you are interested in this service, please stop by, email or call us today!