An individual retirement arrangement (IRA) is a personal savings plan that offers specific tax benefits. IRAs are one of the most powerful retirement savings tools available to you. Even if you're contributing to a 401(k) or other plan at work, you should also consider investing in an IRA.

The two major types of IRAs are traditional and Roth IRAs. Both allow you to contribute as much as $5,500 in 2017. Persons age 50 and older can make additional "catch-up" contributions up to $6,500.

Traditional and Roth IRAs feature tax-sheltered growth of earnings, and both give you a wide range of investment choices. Almost anyone can contribute to a traditional IRA, provided you (or your spouse) receive taxable income and you are under age 70 ½. Roth IRA contributions, however, are limited by income level.

There are important differences between these two types of IRAs. A CFS Financial Advisor at Denali can help you understand the differences before you choose the best option for your retirement goals.

Some considerations you should review with your CFS Financial Advisor are:

  • What are the differences between a traditional and Roth IRA?
  • What are the specific requirements for a traditional and Roth IRA?
  • Do you qualify to take full advantage of a traditional or Roth IRA?
  • What are the tax benefits to a traditional and Roth IRA?
  • What happens when you start taking money from your traditional or Roth IRA?
  • How much taxable compensation do you need to have in order to contribute to an IRA?

Questions? For more information about IRAs contact one of our CFS Financial Advisors at Denali to learn how an IRA can fit into your investment strategy.

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/ SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.

For specific tax advice, please consult a tax professional.

Financial Advisors are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.

Qualified retirement plans

Several different qualified retirement plans are provided by employers. Speak to one of our CFS Financial Advisors today to maximize your benefit.

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Government retirement plans

Our CFS Financial Advisors can help roll your government retirement plan into a larger retirement strategy. Schedule a no-obligation consultation today.

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