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Sierra Pacific FCU offers both Traditional and Roth IRA accounts with rates generally above market average. With just $100 you can open an IRA and begin saving for retirement. These accounts offer plenty of tax breaks, giving you an opportunity to grow your money for the future. Preparing for retirement can be difficult and cumbersome. However, with the right IRA you can be well on your way to financial security once you retire.

So, which IRA is right for you? The main difference is when you will pay taxes. Do you want to pay taxes now or in the future?

Traditional IRA

Anyone can open a traditional IRA, you just need to be under 70 ½ years of age. With a traditional IRA, your contributions may be fully or partially deductible each year, depending on your income. The balance (including earnings and gains) are not taxed until distribution. This gives your IRA the full potential to grow as fast as possible because all of your contributions, earnings, and dividends compound each year without being hindered by taxes. You can begin withdrawing after you are 50 ½ years old, with mandatory withdrawals after the age of 70 ½.

Roth IRA

Anyone can also open a Roth IRA if your income is less than then a pre-set limit (which does change) and under the age of 50. The Roth IRA is the opposite of the Traditional, you pay taxes upfront and no taxes on the back end. Therefore, the money you contribute has already been taxed and will not be taxed when you withdraw. So all your contribution, earnings and dividends grow tax-free forever. The Roth IRA is also more flexible if you need to withdraw some funds early. There is no mandatory withdrawal, so your money can grow and grow as you get older. You can also transfer this to a traditional IRA if you needed. You cannot transfer a traditional to a Roth.   

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