It's never too soon to start saving for retirement.
IRAs offer attractive tax breaks and savings options.
Roth and Traditional IRAs
Range of tax benefits
Lower fees than investment firms
Make the later chapters in life your best ones yet
You might be planning an active retirement or a relaxing one. Either way, you'll want enough income to experience life to the fullest. IRAs offer low fees, tax advantages, solid investment options and the potential to live out your dream retirement.
Traditional IRA
- Invest up to $6,000 per year ($7,000 if over age 50)
- Investment interest grows tax-free
- Potential annual tax breaks for each year funds are contributed
- Option to convert to a Roth IRA
- Consult your financial advisor for more Traditional IRA tax information
Roth IRAs
- Invest up to $6,000 per year ($7,000 if over age 50)
- Investment interest grows tax-free and is withdrawn tax-free
- No annual income tax deductions
- Roth funds can be used in some cases for home purchases and higher education expenses
- Consult your financial advisor for more Roth IRA tax information
Coverdell Education Savings Accounts (ESA)
- Contribute up to $2,000 per child for qualified education expenses
- Funds can be used for college or primary and secondary education costs
- Money can be used to cover tuition and fees, room and board as required by a school, academic tutoring and even computers and Internet costs
- ESA interest and dividends are not taxed and withdrawals are tax-free
Michigan First is a full-service credit union with branches that are easily accessible around Metro Detroit, Grand Rapids and mid-Michigan.
Disclaimers:
Advisory Services offered through Capital Asset Advisory Services (CAAS), a Registered Investment Advisor. The investment and insurance products recommended, offered or sold through Capital Asset Advisory Services and its representatives:
- Are not Credit Union shares or deposits,
- Are not federally-insured by the National Credit Union Share Insurance Fund,
- Are not obligations of or guaranteed by the Credit Union,
- Involve investment risks, including possible loss of principal.
Capital Asset Advisory Services is not affiliated with Michigan First Credit Union or Michigan First Wealth Management Group.
