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Know Your IRA
An individual retirement account
(IRA) can help you work toward a
financially secure retirement.
An IRA at Great Basin Federal Credit
Union allows you to build savings in a
federally insured and tax-advantaged
account. The National Credit Union
Administration insures all credit
union deposits up to $100,000, and
it covers IRAs for an additional
$250,000 per member.
The virtue of an IRA lies in its ability
to amplify your savings due to tax-advantaged
growth. If you leave your
money untouched, your earnings will
grow faster than they would in an
equivalent taxable account.
- A traditional IRA allows you to defer taxes on the account earnings. In
addition, you may be able to deduct at least part of the contribution from
your taxes if you are eligible. You must pay taxes when you begin taking
withdrawals at retirement.*
- A Roth IRA offers tax-free growth when you hold it for at least five years
and begin taking distributions after age 59½. To be eligible, a single
taxpayer's adjusted gross income must be less than $110,000 and a
couple filing jointly must have income less than $160,000.
Start saving right away to make the most of your earnings. To learn
more about our IRAs, call (775) 333-4228, check out our Web site at
www.greatbasin.org or visit your local branch.
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