A happy and fulfilling retirement means different things to different people. For some, it may mean transitioning from a full-time career into meaningful part-time work. For others, it may mean more regular visits to the golf course. Either way, financial preparation is key! IRA’s are a great way to get a head start on your permanent vacation! Below you will find the 4 things you need to know about IRA’s.
1.) What is an IRA?
An individual retirement account (IRA) is similar to a savings account. An IRA is a type of investment that comes with tax benefits, in which will help you to save for retirement.
2.) Who Can Open an IRA?
Anyone! If you are making an income, you can open an IRA. Nonworking spouses can also open an IRA, as long as the household’s taxes are filed jointly.
3.) When Should You Start Saving for Retirement?
Start contributing to an IRA in the womb if possible (if you can provide a verification of income)! In all seriousness, the earlier the better. If possible, start as soon as you get your first job. Not to worry, if that ship has already sailed, START NOW!
4.) Where Do I Get an IRA?
Come see us at Winslow Community Federal Credit Union at 12 Monument Street in Winslow, Maine. We would be happy to assist you in opening an IRA and starting your journey to a comfortable retirement. At WCFCU, you can open an IRA account with no minimum balance and deposit whenever it’s convenient for you! If you’re not already a member, you simply have to establish membership with your minimum deposit of $25 and then begin saving for retirement at your leisure. Our IRA account requires no annual maintenance fee and we offer a competitive dividend rate of .25%. Our IRA account is perfect for those who want to start saving, but don’t want the stress of a minimum account balance. Come see us today and start saving for your permanent vacation!