Get started on your savings goals with Spend to Save
Tap into the IRA advantage
An IRA (Individual Retirement Account) lets you save money for retirement tax-free until you are ready to withdraw it. You can set a fair amount of money aside each year and watch it grow. All withdrawals are taxable.
We currently have traditional IRAs available, as well as an IRA certificate of deposit (CD), which lets you earn a higher rate in return for leaving your money untouched.
Reduce the burden on your annual taxes by putting some of your money in an IRA.
Earn interest on your savings to help pad your retirement fund.
Through a combination of federal and private insurance, your deposits are covered to at least $500,000.
The rules surrounding withdrawal can vary depending upon your age, with penalties applying for withdrawal before the retirement age of 59 ½. However, some exceptions allow for penalty-free withdrawals.
For example, if you decide to purchase a house or receive disability benefits, your withdrawal will be penalty-free.
The 2023 combined annual contribution limit for Roth and traditional IRAs is $6,500. The limit is $7,500 if you’re age 50 or older.
A Roth IRA is an individual retirement account under United States law that is generally not taxed upon distribution, provided certain conditions are met.
Arsenal members have access to a financial advisor who can help them determine if a Roth IRA is the best investment vehicle for their future.
Gain more peace of mind when you deposit your money with us. Through a combination of federal (NCUA) and private (ESI) insurance, your deposits are now covered to at least $500,000.
This additional level of insurance is unique to credit unions. As an Arsenal Credit Union member, you’re one of the few in the St. Louis area who has access to it!
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