If you’re starting to think about retirement savings, opening an Individual Retirement Account is a good way to save, and some are tax-deductible in the year they are funded. NavyArmy offers several types of IRAs. Check out our current rates and find the one that fits your retirement goals.
Types of IRAs
A Traditional IRA is a savings account, which allows you to defer taxes on your deposits until you withdraw at retirement. Withdrawals must begin at age 70½. With as little as $50, you can open a Traditional IRA at NavyArmy.
A Roth IRA is also a savings account, however taxes are non-deductible and paid in the year earned. This means at retirement, withdrawals are tax-free. If you expect to be in a higher tax bracket at retirement, it may be a good idea to open a Roth IRA and pay taxes as you go. Unlike a Traditional IRA, there is no requirement to begin withdrawals at age 70½.
A Coverdell IRA, or Educational IRA, is an account that helps parents save for education expenses. Like the Roth IRA, contributions to the IRA are non-deductible, but the withdrawals are tax-free and can be taken at any time. Let NavyArmy help you plan for your child’s educational needs.
An IRA Certificate earns higher dividends and are available for as little as $1,000.
Exploring Your IRA Options – PDF
| Growing your Savings – PDF
| Rolling your way to a better retirement – PDF
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For assistance please call:
361-986-4500 or 1-800-622-3631
*Certain conditions apply.
Consult with your tax advisor for further information.
Dividends calculated on average daily balance and paid monthly. Early withdrawals are subject to penalty.