A Traditional IRA will help you save for retirement with contributions that are tax deductible based on your income* and your earnings also grow tax-deferred, meaning you only pay tax when you make a withdrawal. Contribute up to $6,500 per year for 2023, or if you're 50 or older, up to $7,500 for 2023. Once you are age 59-½ or older, you are eligible to make penalty-free withdrawals. Once you reach age 72, you must take a required minimum distribution (RMD) every year.
*Tax laws are subject to change. Contact a tax professional for more details. We are unable to provide financial advice but can answer questions on specific IRA products.
You contribute to a Roth IRA using after-tax dollars, but you do not have to pay any taxes on investment gains. When you retire, you can withdraw from the account without incurring any income taxes on your withdrawals. Roth IRAs also do not have required minimum distributions (RMDs). If you don't need the money, you don't have to take it out of your account. You can still contribute to a Roth IRA as long as you have eligible earned income, no matter how old you are.
*Certain restrictions apply. Not all taxpayers are eligible. Consult your tax advisor for details.
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JetStream Federal Credit Union
PO BOX 5487
Miami Lakes, FL
The purpose of an IRA is to save for retirement, so this tax-advantaged savings feature is specifically designed to discourage investors from withdrawing funds before turning age 59½. If you do so, the IRS imposes a 10 percent penalty on top of the income taxes you pay on the withdrawal. There are some exceptions that allow early withdrawal without penalty, so please speak with a JetStreamFCU representative for more details.
The National Credit Union Administration (NCUA) is a U.S. government agency that federally insures your savings accounts up to $250,000. Plus, individual retirement accounts are insured separately up to $250,000.
What does this mean for you? This means that the deposits that you make at JetStream Federal are protected by an established U.S. government agency. By putting your trust in our Miami-based credit union, you can rest easy knowing that your money is in good hands.
For more information on how your accounts are federally insured, take a few minutes to review this information provided by the NCUA:
Regulation D is a federal regulation which places certain limits on the number of transfers or withdrawals members can make from their savings, club, and money market accounts. Click to learn more about Reg. D