The earlier you can start saving money for retirement, the better. GenFed can help you start saving for retirement at any age!
IRA Account Options
We offer Certificate options for Traditional IRAs, Roth IRAs, and Education IRAs (also called Coverdell Education Savings Accounts). We can also help you save for your IRA Certificate with an Accumulator Savings account.
Choosing an IRA
When you’re ready to start saving for retirement, you’ll need to decide which IRA option is best for you. Here are a few of the basic differences between Traditional and Roth IRAs.
|Traditional IRA||Roth IRA|
|Income requirement||Must have earned income||Earned income must be within qualifying limits|
|Contributions||May be tax deductible||Not tax deductible|
|Age when contributing||Must be under age 70 ½||Contribute at any age|
|Earnings growth||Tax deferred||Tax deferred|
|Distributions||Taxable||Tax free (certain criteria must be met)|
|Distribution penalties||Penalties apply to distributions before age 59 ½ (with some exceptions)||Penalties apply to distributions before age 59 ½ (with some exceptions)|
|Mandatory distributions||Required to begin at age 70 ½||Not required until Roth IRA owner dies|
Learn more here or by calling one of our branches.
Call or visit your local branch to open an IRA account or learn more.