With a traditional IRA, the money you contribute may be tax-deductible (i.e., you get a tax break when the money goes in). A traditional IRA may be a good option if you need to roll over assets from an employer-sponsored retirement plan. See a professional tax advisor to determine deductibility in your situation.*
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One advantage of a Roth IRA is the potential for tax-free withdrawals in retirement (i.e., you get a tax break when you take the money out). A Roth IRA may be preferable if you want the flexibility to withdraw your contributions without paying taxes and penalties. See a tax advisor for details.*
* Note: Withdrawal of IRA earnings prior to age 59½ may be subject to ordinary income tax and a 10% tax penalty.
We’re happy to help you learn more about IRA contribution limits and open an IRA. Contact Honda Federal Credit Union at 1-800-634-6632.
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