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IRA’s:
A Secure Retirement Means Peace of Mind
Among the many attractive retirement savings options Telcoe provides,
an IRA or Individual Retirement Account is one of the most popular.
Traditional IRAs allow individuals to contribute up to $5,000
a year ($10,000 for couples) to an IRA if they are under the
age of 70 1/2.
Tax Year |
Maximum |
2009 and 2010 |
$5,000 |
Tax payers who are age 50 or over will be entitled to make additional
"catch up" contributions. If this applies to you, you
may add the following amounts to the general limits above:
Tax Year |
Additional Amount |
2009 and 2010 |
$1,000 |
One of the biggest pluses is the tax deduction many people receive:
100% if you do not receive benefits under a retirement plan; if
you do, the deduction depends on adjusted gross income and filing
status.
The Roth IRA allows you to let your investment grow tax deferred.
You can make tax free and penalty free withdrawals from your Roth
IRA after five years and the occurrence of one these events: reaching
age 59 1/2, death, disability, or the purchase of your first home.
Penalities may or may not apply for early withdrawal.
Insured by an agency of the federal government
Funds on deposit at Telcoe Federal are insured
up to $250,000 per member by the National Credit Union Administration
(NCUA), an agency of the federal government. The NCUA is one of
the strongest insurance funds available in the financial arena.
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