It’s never too early, or too late, to start making plans for retirement.
Choose a hassle-free retirement option with Truliant IRAs.
- No maintenance fees
- Dividends posted monthly
- Option to set up recurring, automatic deposits
- Multiple options to perfectly fit your savings goals
There are a few requirements when it comes to opening, contributing, and withdrawing from an IRA. To open an IRA, you must first have earned income, and you may not contribute more than you earn within that year to your IRA.
There are also contribution limits for each calendar year for both Traditional and Roth IRAs. The maximum 2021 yearly contribution for IRAs is $6,000 ($7,000 for those 50 years or older).
You may begin to withdraw funds from your IRA once you reach age 59.5 or older. Once you're 72, you are required to begin withdrawing these funds.
There are multiple IRA options available with a broad range of tax advantages. Primarily, most IRAs are one of two types: Roth and Traditional. The biggest difference between these two types of accounts boils down to how and when you get a tax break. A traditional IRA features tax-deductible contributions, but your withdrawals are taxed. A Roth IRA’s contributions are made after tax, so your withdrawals in retirement are not taxed.
Additionally, Truliant offers a Simplified Employee Pension (SEP) Plan, a tax-deferred retirement plan for self-employed individuals and small business owners.
The Coverdell Savings is an IRA account designed to help you fund your child’s education while providing you with a tax-deferred chance to grow your money.
We encourage you to speak with your tax professional for the latest information regarding the tax benefit of contributions and distributions.
Truliant also offers alternative options to help you save. With an IRA Savings Account, we’ve waived the minimum balance requirement to allow all of our members greater access. You can open an IRA Select Money Market starting at $1,000. You can open an IRA Certificate with as little as $250. Additionally, you can meet with Truliant Financial Advisors1 available through CUSO Financial Services, L.P. to review other investment vehicles, like stocks, bonds, mutual funds, annuities and more.
When you have multiple IRAs, you may way to roll some of these over into a single account which can then, in turn, be diversified. By rolling over your accounts with Truliant, you may be able to:
- Save money on annual fees,
- Find opportunities to allocate, diversify, and rebalance your portfolio,
- Simplify required minimum distributions,
- Receive one easy consolidated statement.
Schedule an appointment today to learn more.