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Individual Retirement Accounts

Let us help you pursue your retirement goals.

Traditional IRARoth IRA

 

If you’re not taking advantage of an IRA, you may be missing out on an opportunity to accumulate tax-deferred monies,1 that you will be able to enjoy during retirement. We encourage our members to look ahead and plan for a strong financial future.

Traditional IRA

Best suited for you if:

  • Deductible contributions are more important to you than tax-exempt distributions
  • You would like to supplement your retirement savings in addition to your employer's retirement plan
  • You do not contribute to another IRA or you want to split contributions between a Traditional IRA and a Roth IRA

Features of a Traditional IRA:

  • Tax-deferred growth potential
  • Penalty-free withdrawals for post-secondary education2
  • Penalty-free withdrawals for first-time home expenses (up to $10,000)2
  • Penalty-free withdrawals for certain medical expenses2

Roth IRA

Best suited for you if:

  • Your modified adjusted gross income is less than $160,000 for married taxpayers or less than $110,000 for single taxpayers
  • You have earned income
  • You want to continue to make contributions after age 70 while working
  • You don't want to take mandatory withdrawals after age 70
  • You prefer to have tax-exempt funds available at retirement
  • You do not contribute to another IRA or you want to split contributions between a Traditional IRA and a Roth IRA

Features of a Roth IRA:

  • Earnings can grow tax deferred
  • Qualified distributions are income tax-free and penalty-free after a five-year holding period if taken after age 59 1/2,2
  • Qualified distributions are tax-free and penalty free after a five year holding2
  • Qualified distributions are tax-free and penalty free if taken in the event of death or disability2
  • The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. No strategy assures success or protects against loss. Investing involves risk including loss of principal.

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DISCLOSURE

Securities and advisory services offered through LPL Financial, a registered investment advisor and member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.

IIS Disclosure.PNG

Regarding Northeast Insurances and Investments (IIS)
Northeast Credit Union and Northeast Investment and Insurance Services are not registered broker/dealers and may only discuss and/or transact securities business with residents of the following states: CO, FL, GA, IL, IN, ME, MD, MA, NH, NC, RI, SC, VA, VT, WV

Regarding Northeast Planning Associates (NPA)
Financial planning offered through Northeast Planning Associates, a registered investment adviser. The LPL Financial Registered Representatives at Northeast Planning Associates may only discuss and/or transact securities business with residents of the following states: CA, CO, CT, FL, GA, IL, MA, ME, NH, NJ, NY, PA, SC, TX, VA, VT, WI

Northeast Credit Union, Northeast Insurances and Investments, NPA, and LPL Financial are not affiliated.

1Not intended as tax advice. Please consult a qualified tax professional.

2Distributions must qualify as exception for penalty-free withdrawals.