Prepare for your future now. Reach your retirement goals with the help of an Individual Retirement Account from One Source Federal Credit Union.
The Roth IRA allows you to save after-tax dollars and enjoy tax-free earnings.
Unlike the Traditional IRA, which requires you to begin withdrawing money at age 70, the Roth IRA has no such requirement. You can let your money keep working, while earnings continue to grow tax-free, for as long as you like.
This account allows you to save for any post-secondary education by investing up to $500 a year per child younger than 18.
Earnings on the Education IRA grow tax free; however, the contribution is not tax deductible. There's no penalty when the money is withdrawn to pay for qualified higher education expenses, such as tuition and fees, before the recipient reaches age 30.
If you're a single filer, you can contribute the full $500 per year, per child, if your income is less than $95,000. The contribution limit gradually falls as your income climbs toward $110,000.
For married filers, the income limits span $150,000 to $160,000.