The earlier you can start saving money for retirement, the better. Your tax-deferred savings will grow quickly with a GenFed IRA Certificate. Available in 12, 18, 24, 36, 48, 60 month and other special terms, these high-yield certificates can give you retirement peace of mind. GenFed can help you start saving for retirement at any age!
Not ready to call or visit a branch 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|
Opening an IRA Certificate or Accumulator Savings account with GenFed can help you earn more! If you don’t have enough saved up for the $1,000 minimum for a certificate, open our new IRA Accumulator account that allows you to put aside a smaller amount each week or month until you have enough saved to be able to open an account.