At different stages in your life, you face different financial needs. Whether you want to start saving for your retirement, buy a new home, finance your child’s education or save for a rainy day, Nutmeg State Federal Credit Union has an IRA to fit your needs.
|Type of IRA||Who Can Contribute||Tax Benefits|
|Traditional IRA||Anyone under the age of 70½, who has an income from compensation or who is filing jointly with a spouse who earns compensation, is eligible to open a Traditional IRA.||
|Roth IRA||Those eligible include anyone who has income from compensation or who is jointly filing with a spouse who earns compensation, and has the following modified adjusted gross income:
|Education IRA||Here, the eligibility is the same as the Roth IRA, but the contributions do not have to come from compensation. In addition, contributions are not allowed after the beneficiary reaches the age of 18.||
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With more opportunities for penalty-free withdrawals and tax-free earnings, an IRA is a perfect way to save for retirement, roll-over a pension payout, buy a new home or pay for higher education costs.
For more information about the Traditional, Roth or Education IRA, call 860-513-5000 (local) or 1-800-526-6933 (nationwide). Or click here to send an e-mail.