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At Palisades Credit Union we offer Traditional and Roth IRAs to help you save for your retirement. An IRA is very important because Social Security and Pension Benefits are not intended to provide all of your retirement income.

Traditional IRA

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 This means that the earnings generated by a traditional IRA are free from income tax until the funds are withdrawn.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, contributions into a traditional IRA may be tax deductible.

Roth IRA

Unlike a traditional IRA, where your earnings are tax deferred, the earnings from a Roth IRA can be tax free. Deposits into 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.

Certificate Accounts and IRAs have penalties for early withdrawals. Fees could reduce the earnings on the account. 

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