Grow your nest egg with an Individual Retirement Account (IRA)
At Palisades Credit Union we offer Traditional and Roth IRAs to help you save for retirement. Whether you hope to travel, spend time with your grandkids, or pursue a passion project, your local credit union is here to help you achieve your financial and life goals.
For most people, social security, pensions, and employer-sponsored 401(k)s won’t be enough to provide all of your retirement income. Supplement with an IRA account. When you save, you are also building a legacy for your future and your family.
A simple way to save for retirement. The traditional IRA is a tax-deferred savings account. This means that the earnings generated by a traditional IRA are free from income tax until the funds are withdrawn. Additionally, your contributions to a traditional IRA may be tax-deductible. Traditional IRAs are a great option for people who don’t get a 401(k) through their employer.
Unlike a traditional IRA, where your earnings are tax-deferred, the income you receive from a Roth IRA in retirement can be tax-free. Deposits to a Roth IRA are non-deductible and qualify for distributions if funds in your Roth have met a five-year holding period and the distribution is made for one of the following reasons: (1) you have reached age 59 ½, (2) you have become disabled, (3) you are a first time home buyer, or (4) upon your death. Roth IRAs are a great addition to your overall retirement savings portfolio because they provide untaxed income upon withdraw.
Looking for the best credit union retirement account in Rockland or Bergen Counties? Look no further than Palisades Credit Union. We help you get the most out of your money.
To put your money in an IRA or Roth IRA from Palisades Credit Union, give us a call or visit your nearest branch in Nanuet, New City, or Orangeburg. Membership is open to individuals who live, work, worship, volunteer, or attend school in Rockland County, New York, or Bergen County, New Jersey. New York State employees who work in one of the five boroughs can also join.
Certificate Accounts and IRAs have penalties for early withdrawals. Fees could reduce the earnings on the account.Go to main navigation