Contrary to what many people think, an IRA (Individual Retirement Account) can be opened or contributed to at any time during the year, not just at tax time. A Traditional or Roth IRA can be funded any time up until the tax filing deadline of the following year. For tax year 2016, the tax filing deadline is 4/18/2017. And, the Traditional IRA contribution can still be deducted* from income taxes of eligible investors. However, the earlier in the year an IRA is opened, the greater the long-term accumulation potential.
Changing jobs or retiring?
Get the peace of mind you’re looking for and consider rolling over your 401(k) to a Members Exchange Credit Union IRA where it’s safe and secure. Rolling over your 401(k) or other qualified retirement plan from your previous employer gives you more flexibility and control while keeping all the great tax advantages.
Your Members Exchange Individual Retirement Account is federally insured up to $250,000, so you know your hard-earned money will be there when you need it, regardless of where the stock market is headed.
To decide whether a Roth or Traditional IRA is right for you, please contact us today!
*Income tax deduction qualifications vary. Please consult with your tax advisor.