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Learn moreChoose your IRA
Traditional IRA
- Contribute up to $5,500 per year, or $11,000 per couple ($13,000 if both spouses are eligible for catch-up contributions), and receive a deduction on your current year’s taxes. Over 50? You may contribute up to $6,500
- Not pay any taxes on these contributions or their earnings until you withdraw them at retirement. This is a good deal because most people are in a lower tax bracket at retirement time than when they’re working.
- Make your deductible contributions as late as April 15 of the following year! So, if you didn’t get started before the end of the year, you have some extra time.
Please consult your tax adviser to make sure you are eligible.
Roth IRA
- No current-year tax deduction for contributions…but:
- Your savings grow tax-free, which means there are no taxes due on withdrawals at retirement
- Contribute $5,500 per person or $11,000 per couple ($13,000 if both spouses are eligible for catch-up contributions) whether or not you have a qualifying retirement plan at work
- Those age 50 or better may also deposit $1,000 per year over the maximum contribution amount
Income restrictions apply, so check with your tax adviser or financial planner to see if a Roth IRA is right for you.
Coverdell Education Savings Account (Education IRA)
- Contribute up to $2,000 per child per year
- No deduction for your contribution…but:
- Your earnings grow tax free, so there’s no tax upon withdrawal if you use the proceeds for any qualifying primary, secondary or post-secondary educational expense. Some examples include tuition, books, fees, tutoring, room and board, school uniforms and more.
Again, be sure to check with your tax adviser to make sure you’re eligible.
Insured Savings
All CME savings accounts and certificates are insured up to a combined total of $500,000. The National Credit Union Administration provides $250,000 of federal coverage on basic accounts as well as retirement accounts. The additional $250,000 coverage is provided by Excess Share Insurance, a private share insurer.