One of the greatest challenges facing Americans today is ensuring the financial well being and security of your family throughout your retirement years. With uncertainty over the adequacy of social security growing daily, it's increasingly necessary to rely on your own savings plans and resources to support your future retirement plans.

Yet another challenge is finding money for the impending college education expenses for your children. Tuition and other collegiate expenses are on the rise, so it's a good idea to get a head start on saving for those expenses now, instead of getting caught unprepared later!

At InterCorp Credit Union we offer Roth IRAs savings accounts geared to help you save for your family's future.

ROTH IRAs

Roth IRAs offer you a very easy way to plan for the future of you and your family. Your contributions are not tax-deductible but the earnings within a Roth IRA are tax-free as long as your funds have been in the account for at least 5 years and you are either over 59½ years of age, disabled, or buying your first home.

Roth IRA Features:

• The money you contribute to a Roth IRA has already been taxed. So the principal amount is never subject to taxes or penalties in the future, as long as you stay within the contribution guidelines.
• Roth IRAs enable the money you contribute to grow tax-deferred. If you do not withdraw any of the earnings until you have had the IRA for at least 5 years and have a qualifying event, those earnings become tax-free.
• There is no 70½ year age limit on making contributions. You do, however, need earned income, which is defined the same as for Traditional IRAs. As long as you satisfy the Roth IRA requirements, you may contribute to a Roth IRA, even after the year in which you reach 70½ years.

InterCorp Credit Union offers a Roth IRA that pays competitive market rates. No minimum amount is required to set up a Roth IRA savings account. To view current rates click here or click here for the retirement calculator.

*The Credit Union provides no legal advice to members, and provides the foregoing information from a reliable resource to give our members a basic understanding of these services. You should consult with your tax or legal advisor regarding any particular and the current status of applicable federal and state laws.