Saving For Retirement Just Got Easier With Individual Retirement Accounts
When planning and saving for your retirement, there is no better time than the present. No matter your age or income, when it comes to setting up a retirement account in South Florida, the sooner, the better.
We Florida Financial provides Members with options to start a Traditional or Roth Individual Retirement Account (IRA) with some of the best rates of any Florida credit union. Both savings account options grant Members the opportunity for long-term tax-advantaged savings.
How Do I Open an Individual Retirement Account?
Unlike other credit unions in Florida, We Florida Financial has no minimum IRA Savings, which means opening a retirement account has never been easier! Members can contribute money to their savings account through a payroll deduction or by investing in IRA Certificates of Deposit to unlock a greater rate of return for only a $500 minimum.
Choosing the Right Individual Retirement Account for You.
You may be asking yourself, “what’s the difference between a Traditional and Roth Individual Retirement (IRA)?” And the answer has to do with taxes.
Traditional IRA
If you’re looking to have your Traditional IRA contributions deducted from your taxes now, a Traditional IRA may be the best option. Members who anticipate paying taxes at a significantly lower rate in retirement can choose to have their taxes deferred.
Roth IRA
For those who don’t require a tax break now, a Roth IRA is the choice for you. Eligible Roth IRA contributions may be non-deductible, but qualified distributions may be generally considered tax-free, though it’s essential to note Roth’s contribution limits.
Kickstart Your Retirement Savings With We Florida Financial
For more information on how to start your retirement savings with We Florida Finacial, please contact us by calling 954-745-2400 or 800-230-0200 and selecting option 4.
Looking for other long-term savings options in South Florida? Check out our ESAs and Savings Accounts.
The above statements are not intended as tax advice. Your tax situation may be difficult. Please consult a tax professional for further details.
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