Retirement Savings

It's never too early or too late to save for retirement. At Allsteel Credit Union, we know one size rarely fits all, so we offer a variety of Individual Retirement Account savings options.

If you meet certain requirements, you may be eligible for a federal income tax deduction if you contribute to a traditional IRA. See your tax advisor for details. It's possible you could claim at least a partial tax break, depending on your adjusted gross income and whether you have a retirement savings plan at work. The maximum contribution is generally $3,000 per person, but if you're 50 or older, you can make an additional catch-up contribution of $500 – a total of $3,500.

With a Roth IRA, you don't get a tax break. But your money grows on a tax-deferred basis. There are some income restrictions, but they are higher than for the traditional IRA. As long as you don't exceed the overall contribution limit you can contribute to both types. This is a useful strategy if you're only eligible for a partial tax break on your traditional IRA: Contribute to the traditional IRA up to the limit, then invest the balance in your Roth.

IRA Share Savings. An ideal place to start your IRA journey. There's no minimum balance, so there's no excuse for not tucking away a few dollars right now. Use payroll deduction and you won't miss any opportunities.

IRA Certificate. For savers with $1,000 or more to invest, check out a variety of maturity dates.

IRA Market Index Certificate. Earn dividends based on the Standard and Poor's Composite Stock Price Index. If the S&P 500 is higher on the day the certificate matures than it was on the day it was established, you earn a percentage of any increase. If it's lower, you don't earn dividends, but your original deposit is returned in full. The market index certificate can lower your investment risk, without losing out on market opportunities.