Saving for retirement, your child’s education, or your first home is an important step in anyone’s life. No matter how young or old, you can start saving today with an Individual Retirement Account (IRA) . An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement or, in some plans, for certain education expenses or first-time home purchase. NMFCU offers you a number of IRAs to choose from, including Traditional, Roth, or Education.
Traditional IRAs are powerful tools in creating a balanced, long-term savings plan that will help provide safety and security for you and your family for years to come. Contributions may be deducted from your taxable income, reducing the income taxes you pay now.
Roth IRAs offer members an easy and safe way to plan for the future. Your contributions are not tax-deductible but the earnings within the IRA are tax-free as long as your funds have been in the account for at least five years and you are either over age 59½, disabled, or buying a first home.
Educational IRAs (also known as the Coverdell Education Savings Account) can help your children attain their dreams of a college education. Although contributions are not tax-deductible, your withdrawals (including earnings) are tax-free if used for tuition, books, and other qualified higher-education expenses.
Answers to your questions
Still have questions about IRA’s? These information brochures will be able to address the many questions you may have about your IRA. you can also view our FAQs page.
- Traditional IRAs
- Roth IRAs
- Compare IRA options
- Coverdell Education Savings Accounts (formerly known as Education IRA)
- How will new IRA legislation affect you?
(These information brochures are in PDF format and require Acrobat Reader to view them. If you do not have Acrobat Reader, download it for free.)