Invest In Your Retirement
It’s never too early to start saving for your retirement, even if you can only tuck away a small amount at a time. Open an Individual Retirement Account at MVCU and set up payroll deduction or an automatic transfer to regularly add money. Both Traditional and Roth IRAs are a great way to save for retirement. What’s the difference between the two? Contributions to a Traditional IRA may be tax-deductible, although the deduction may be limited if you or your spouse is covered by a retirement plan at work or by your income. Contributions to a Roth IRA are not tax-deductible, but the interest you earn accumulates tax-free. There are certain withdrawal and distribution restrictions, however. Visit irs.gov for more information and consult with your tax advisor for details. Then open or add to your IRA today. Your future will thank you.