Individual Retirement Accounts- IRAs

Not long ago, retirement meant mostly kicking back and taking it easy. But these days, many folks are using this special time to dive into new hobbies, seek adventure and stretch their wings. Whatever lifestyle you choose, you can save the money to make it happen with a tax-advantaged IRA from Partner Colorado Credit Union.

Consult a qualified financial professional for specific tax advice.

• Traditional IRA: Contribute up to $7,000 a year for the 2023 tax year ($7,500 if over age 50). In many cases, annual contributions can be taken as tax deductions. In fact, you pay no taxes at all until funds are withdrawn.
• Roth IRA: Contribute up to $7,000 a year for the 2023 tax year ($7,500 if over age 50). These contributions are taxed as income in the year they are deposited. However, all annual earnings and withdrawals are tax-exempt.
• SEP: A Simplified Employee Pension is a type of traditional IRA for self-employed individuals or small business owners. Business owners can contribute up to 25% of the employee's total compensation or a maximum of $66,000 for the 2023 tax year, whichever is less.