Know Your Individual REtirement Account (IRA) Options
Some see it as tax-filing season, while others — like us at the VSECU — see it as "IRA season." Whichever way you look at it, each year mid-April marks your deadline for making some taxing (or tax deferral) decisions based upon your previous year's finances. Consider opening an IRA in the coming months for its tax advantages.
April 17, 2006 is the deadline to open a VSECU Individual Retirement Account for 2005 or to make contributions to an existing IRA. There are two IRA options to save for your retirement:
- the Traditional IRA
- and the Roth IRA.
Both offer tax advantages, but before you choose which suits your retirement needs, you'll want to determine whether you want the tax break now or at the time you begin making withdrawals.
See an informative chart outlining the two IRA options (for quick reference only.)
You will want to contact us and speak with a Member Service Consultant for more information on your IRA options and our current rates. But don't wait until the April 17 deadline to open an IRA as it takes two business days to process the application.
See the following articles on WCAX.com for more about IRAs:
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