IRAs are a great way to put money away for retirement and enjoy some tax advantages. Global offers a full line of IRA options. With steady contributions, your account will grow into a source of security for you and your family.
Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following adjusted gross income:
-Up to $95,000 (single filers)
-Up to $150,000 (joint filers)
$4,000 for 2006-2007
*Individuals over 50 by the end of the taxable year have the ability to contribute an additional $500 for tax years 2002-2005 and $1000 additional per year for 2006-2007.
Anyone who has adjusted gross income of
-Up to $95,000 (single filers)
-Up to $190,000 (joint filers)
Contributions not allowed after the beneficiary reaches age 18.
$2,000 per child
With all three types of IRAs, you can either open an IRA Share Certificate or an IRA Contributory Savings Account, whichever best fits your needs.
IRA Share Certificate—A deposit of $500 will get you started with this CD, earning a fixed dividend rate of return for a fixed period of time. IRA Certificates generally have a higher rate than an IRA Contributory Savings Account but IRA Certificates do not allow for contributions during the term. Dividend earnings are tax-deferred, but keep in mind that penalties apply for most early withdrawals. View IRA Certificate Rates
IRA Contributory Savings Account—Dividend earnings are tax-deferred with this account, offering a variable dividend rate and the ability to make deposits or withdrawals at any time without penalty from Global Credit Union (IRS penalties apply for most early withdrawals). Watch your savings grow with regular contributions through automatic transfers or payroll deductions. All it takes is $100 to open and you’re on your way to retirement savings. View IRA Contributory Savings Rate
Whatever your needs and goals are, check with your tax adviser or financial planner to ensure you’re making the most of your investment.
