Like getting your retirement goals on track? Now’s the time.
The average U.S. life expectancy is increasing annually, and retirement incomes may need to last for 20 to 30 years—or even longer! If you want to maintain your current lifestyle throughout retirement, Social Security and pension benefits may not be enough. It is essential to take steps now to maximize your retirement savings and growth for the added income you’ll need in your retirement years.
One step is to open or add to an Individual Retirement Account (IRA). These tax-favored vehicles allow today’s contributions to grow tax-deferred until you begin making withdrawals during retirement, and may qualify for an immediate adjustment to your taxable income for the year contributed.* Current IRS rules allow an annual IRA contribution of up to $5,000 ($6,000 for age 50 and older) for 2012 and up to $5,500 ($6,500 for age 50 and older) for 2013.
It’s not too late to contribute for 2012, nor too early to contribute for 2013. You may make your 2012 contribution at any time before you file your 2012 Form 1040 up until April 15, 2013.
Whether you wish to make a contribution, convert your IRA to a Roth IRA, consolidate your IRA assets, or explore retirement funding options, our CFS** Financial Advisors at NASA Federal Credit Union can help!
Visit Investment Services online or call NASA FCU Investment Services at 1-888-NASA-FCU (627-2328), ext. 592, to set up your complimentary, no-obligation consultation.
*IRA withdrawals prior to age 591/2 may be subject to ordinary income taxes plus an additional 10% IRS penalty. Tax law requires IRA holders to begin withdrawing at least minimum amounts, known as “required minimum distributions” or RMDs, from their accounts once they reach age 701/2.
**Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. NASA Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. CUSO Financial Services, L.P. (CFS) and its Registered Representatives do not provide tax or legal advice, and do not, by providing this information, hold themselves out to be “fiduciaries” of your tax-deferred plans. Clients should always check with their tax or legal advisor before engaging in any transaction involving IRAs or other tax-advantaged investments.