Will You be Ready for Retirement?

A secure retirement begins with a credit union IRA. Whether you're just starting your career, growing your family or nearing retirement, Pyramid offers a variety of investment options to help you save for those relaxing, clear-blue afternoons on the beach!!

Explore your options:

Traditional IRA
Contributions to a Traditional IRA grow tax-deferred until they are withdrawn and in many cases the contributions may be tax-deductible. Anyone under the age of 70-1/2 who has income from compensation (or who is filing jointly with a spouse who earns compensation) can contribute to a Traditional IRA. You can also rollover distributions from a qualified retirement plan into an IRA. You can contribute up to $4,000, or if you are age 50 or older, your contibution limit increases to $4,500 for 2005 and $5,000 for 2006 & 2007.

Roth IRA
If you have income from compensation (or are filing jointly with a spouse who earns compensation) you can contribute to a Roth IRA and earnings are tax-free if the account is open for five years and if funds are withdrawn for a qualified reason. Unlike the Traditional IRA, you are not required to start taking distributions at age 70-1/2. Income limits apply and contribution amounts are reduced if you also contribute to a Traditional IRA.

Coverdell Education Savings Account (ESA)
A great way to save for your child or grandchildrens' education. Contributions to an ESA can be made up to $2,000 per child per year. Withdrawals for qualified education expenses are tax-free. Contributions are not allowed after the beneficiary reaches age 18, but funds can be used up to age 30.

 

The above information is not intended as tax advice. Please consult a tax professional to discuss your situation.