Traditional & Roth IRAs
How prepared are you for retirement? A strong retirement plan often includes an Individual Retirement Account (IRA). Beacon Credit Union offers two IRA options to help protect and grow your savings for you and your family. Choose from a Traditional IRA or a Roth IRA, designed for members in Central and Southwest Virginia.
Traditional IRA
- With a Traditional Individual Retirement Account (IRA), annual contributions are limited to $6,000 per individual, or $7,000 for those age 50 and older. Joint filers may contribute up to $10,000, and a non-working spouse may contribute up to $5,000 per year.
- Early withdrawals made before age 59½ may be subject to a 90-day dividend penalty, whether earned or not.
Roth IRA
Contributions are not tax-deductible, but earnings grow tax-free. Certain withdrawal rules and features may make this option more attractive than a Traditional Individual Retirement Account (IRA) for some taxpayers.
Beacon Learning Center
Expert advice and tips to help you make smart financial decisions.
Common Sources of Retirement Income
For many, retiring can cause mixed emotions. There’s the excitement of a new phase of life, the possible joy or sadness of leaving behind a career and co-workers, and the potential concern regarding income.
When Your Retirement Plan Is Off Track
You may feel like you’re falling further and further behind on your retirement goals. Fortunately, there are several strategies you can adopt to put yourself back on track to creating a path to retirement.
New Costs You May Face in Retirement
When you picture retirement, one of the pleasant benefits you might imagine is a reduction in some of your living expenses. However, it’s important to look at what new expenses might be popping up.
5 Retirement Savings Strategies
For most workers, saving up for retirement isn’t a priority. After all, there’s always time to save up later. Even those who do recognize the importance of retirement savings often fail to save enough.
Beacon Credit Union Visa® Credit Cards
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