Investing in your future has never been easier or more tax-efficient than with Individual Retirement Accounts (IRAs) offered by Pathfinder. We provide two types of IRAs, each with unique benefits:
A Traditional IRA allows you to make tax-deductible contributions in the year they are made, deferring taxes on your earned interest until you withdraw the funds. The deductibility of contributions depends on your active participation in a qualified retirement plan and your taxable income. It also serves as a safe investment for rollovers from 401K or other retirement funds. Plus, you can make deposits through April 15th for the previous year, providing flexibility and convenience.
With a Roth IRA, contributions are made post-tax, and the growth may be tax-free. What sets it apart is the ability to make contributions after age 70 ½, with no required withdrawals during your lifetime. Furthermore, qualified withdrawals from a Roth IRA are tax and penalty-free if the account has been open for at least five tax years, and you are either over 59 ½, disabled, or purchasing your first home. Deposits can be made throuugh April 15th for the previous year, ensuring accessibility and convenience for account holders.
Pathfinder Federal Credit Union is your trusted partner in securing your financial future through these tax-advantaged IRA solutions. Start investing wisely and reap the benefits of a more financially secure retirement.