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IRAs
Whatever your end goal, now is the time to start an IRA savings plan.
Glacier Hills offers a variety of retirement savings options below. Please note that this is not intended as tax advice. You should consult a tax professional for IRA tax advice.
Retirement Builder
The Retirement Builder is a great way to build your retirement savings with regular deposits to an IRA. Here’s how it works:
- Automatically deposit money into a Retirement Builder IRA savings account - as little as $5 a month!
- When you’ve saved $1,000, we’ll automatically roll your savings into a one-year Roth or Traditional IRA certificate (transfers made quarterly).
- If you start at age 25, you could save thousands for retirement tax-free! (not intended as tax advice).
Stop by Glacier Hills Credit Union to set up your Retirement Builder account today.
Traditional IRA
We offer traditional IRAs in the form of a Retirement Builder (see above), Money Market or Certificate of Deposit. Choose a Traditional IRA if you want the tax deduction right now. It also makes sense if you anticipate paying taxes at a significantly lower rate in retirement.
In general, choose a Traditional IRA if:
- You want the tax deduction right now*
- You anticipate paying taxes at a significantly
lower rate in retirement.*
- Your or your spouse do not contribute to an
employer sponsored retirement plan
Roth IRA
We offer Roth IRAs in the form of a Retirement Builder (see above), Money Market or Certificate of Deposit. Choose a Roth IRA if you don’t need the tax break right now. It’s a more flexible investment option because you can withdraw regular contributions at any time, tax-free and penalty-free and you do not have to take the mandatory distributions at age 70 ½.
In general, choose a Roth IRA if:
- You or your spouse contribute to an employer
retirement program
- You don’t need the tax break right now.*
- You want the flexibility to withdraw regular
contributions at any time, tax-free and
penalty-free*
- You’re saving for a first-time home purchase
in 5 or more years.
*Not intended as tax advice. Consult a tax advisor for tax advice.
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