Deposits Today Newsletter
A Monthly Newsletter for the Members of MTC Federal Credit Union
Tax Time. The Interest Crossroad.
Why not dominate your hard earned money?
Tax season is here and many will be considering an IRA as a tax* shelter. Whether you are nearing retirement or you’re thinking about how to save for retirement, we want you to know we have your back.
Here are 4 facts about IRA’s every adult should know if you are looking to boost your retirement savings:
- An IRA is basically money in a plan that grows free from any reach of Uncle Sam.
- The income from your interest, your dividends and your growth compounds every year without taxes eating away your profits.
- The taxes you have to pay would depend on if you chose a Traditional or a Roth IRA but this would be later in life when you start to withdraw your funds.
- The only catch to this wonderful plan is anyone under 50 can only contribute $5,500.00 per year per IRA. If you are over 50 you have a catch up amount of $1,000.00 so the contribution would be $6,500.00.
We work hard to be your trusted financial partner. Helping you to achieve your long-term plans and dreams, is our goal.
For more information on how we can tackle your retirement plans together, call 800/442-7792 or contact a local Member Service Representative.
Have more questions about deposits and savings strategies? Subscribe to Deposit Today, a monthly newsletter devoted to giving you tools to earn more.
*Consult with your tax advisor.