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The earlier you can start saving money for retirement, the better. GenFed can help you start saving for retirement at any age!
Don't want to log in to online banking to open your IRA? Click HERE to get started now!
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.
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.
|Description||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||Contribute at any age|
|Earnings growth||Tax deferred||Tax deferred|
|Distributions||Taxable||Tax free (certain criteria must be met)|
|Mandatory distributions||Not required until Roth IRA owner dies|