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.
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 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.
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.
An IRA Certificate earns higher dividends and are available for as little as $1,000.
Ready to get started?
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.