An IRA helps you accumulate retirement savings while you work, and then provides an income after you retire. Catholic United offers both traditional and Roth IRAs, which have different tax advantages.
For the first time since 2013, the IRS has increased IRA annual contribution limits so our members can save even more for retirement in their IRAs.
According to IRS.gov, the new annual limits to contributions to an IRA are $6,000 (an increase of $500). Individuals age 50 and over can make catch-up contributions for a annual contribution limit of $7,000.
Those saving for retirement need to remember that these increases don’t take effect until January 1, 2019.
According to the IRS, the changes reflect cost of living increases expected in the new year.
Income restrictions apply to traditional IRA and Roth IRA plans. Your Catholic United Sales Representative can explain the options and advantages available to you.
A Roth Individual Retirement Annuity (IRA) is a retirement savings tool that accumulates money on an after-tax basis. Since the funds have already been taxed, qualified withdrawals made later can be made income tax-free. See your tax advisor for advice about your specific situation and income restrictions.
A traditional Individual Retirement Annuity (IRA) is a retirement savings tool that defers the taxes on the growth of your account value until you withdraw the funds. In addition, your contributions may be tax deductible, but consult with a tax advisor for details about your specific situation.
Membership in Catholic United Financial starts after you purchase a product from us. Membership means aligning your finances to your faith, and:
Catholic United Financial IRAs are Individual Retirement Annuities. Annual percentage yield (APY) subject to change on an annual basis after first year. Federal and state penalties may apply with early withdrawal. Withdrawals prior to age 59 1/2 will be subject to government penalties. Subject to surrender charges for the first five to seven years depending on contract type. Minimum annual deposit may be required, depending on contract type. Catholic United Financial does not offer tax advice. Consult with a tax advisor for details about your specific situation. Form 11A-1