In addition to the savings plans offered at Greater Iowa Retirements and Investments, the credit union also offers insured individual retirement accounts. The rates are competitive, and each IRA is insured up to $250,000 by the National Credit Union Administration. Greater Iowa offers traditional, Roth IRAs and educational savings accounts.
If it’s important to you to receive an immediate tax deduction, you may want to select a traditional IRA. A traditional IRA is beneficial for the person who wants the immediate tax relief and plans to pay taxes at a significant lower rate in retirement.
Roth IRAs can offer tax-free income during retirement as the contributions are after-tax dollars. Roth IRAs are a great tool to diversify your retirement income as well as offering a longer contribution plan.
Please consult your tax adviser as to which plan is best for you, as Greater Iowa cannot provide tax advice, only tax information. If you are interested in more detailed information about IRAs, please call us at 1.800.296.9064.