SONEPCO FCU wants to help you plan for your financial future and make sure you are secure in your retirement years. The peace of mind is beyond value.
It's never too late to start saving for retirement in a tax-deferred account. Your earnings will accumulate faster and you will most likely be in a lower income bracket when you begin to withdraw your funds. SONEPCO FCU offers a choice of three versatile IRAs to suit your needs:
Traditional IRA Share Account gives you a tax-deferred annual $3,000 savings opportunity. Contributions are tax-deductible. The funds become taxable as you withdraw them, usually when you are in a lower tax bracket. Withdraw without penalty after age 59 - or if you become disabled.
Roth IRA features tax-free accumulation of earnings. Its purpose is to help you save for a first-time home purchase. Contributions are not tax-deductible. You pay no taxes or penalties when you withdraw your funds after age 59 - $3,000 annual maximum.
Coverdell Education IRA is earmarked for educational expenses and features tax-free earnings. Contributions are not deductible. Maximum annual contribution is $2,000 per child for individuals with incomes below $95,000 (below $150,000 for couples). Contributions are not allowed after the beneficiary reaches 18.
