Individual Retirement Accounts
Today, more than ever before, one of the greatest challenges facing Spectrum Credit Union (Spectrum) members is assuring their financial security in retirement. Individual Retirement Accounts (IRAs) are an excellent tool for retirement savings. Unlike most investments, IRA contributions may be tax-deductible and will grow either tax-deferred or tax-free depending on the type of IRA you choose.*
Spectrum offers both Traditional and Roth IRAs in a liquid savings plan and in higher-yield Share Certificates in a variety of terms.
Traditional IRAs may provide immediate tax benefits, with contributions and/or earnings tax-deferred until retirement (based on the availability of an employer's retirement plan and income level).
Roth IRAs gives you the ability to invest your after-tax dollars today, lets the investment grow tax-deferred, then allows you to withdraw your principal and earnings tax-free after five years (You may be subject to a 10 percent penalty on the earnings if taken before age 59 ½).
*Consult your tax advisor to determine which IRA plan is best for you.
Master Account Agreement and Disclosure (PDF)
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