Individual Retirement Accounts (IRAs)

Planning for retirement is one of the most important financial decisions you’ll make, and Individual Retirement Accounts (IRAs) offer a powerful way to build your nest egg while enjoying valuable tax advantages.

We offer a traditional IRA and Roth IRA to our members. We’re committed to helping you understand our retirement savings options and choose the path that best suits your financial journey.

Difference between Traditional IRAs and Roth IRAs

Traditional and Roth IRAs each offer distinct benefits. With a Traditional IRA, your contributions may be tax-deductible today, reducing your current tax burden while your money grows tax-deferred until retirement. This option often works well for members who expect to be in a lower tax bracket during retirement or who want to reduce their taxable income now.

A Roth IRA, on the other hand, uses after-tax dollars for contributions, but offers tax-free growth and withdrawals in retirement. This can be particularly advantageous if you anticipate being in a higher tax bracket later in life or want the flexibility of tax-free withdrawals during retirement.

Both account types benefit from compound growth over time, potentially turning modest regular contributions into substantial retirement savings. Annual contribution limits and eligibility requirements apply to both, and our Member Service Representative can help you understand which option aligns with your specific situation.

Ready to build your retirement savings?

To open a Forge Credit Union IRA, call us at 610-352-2000 or visit our local branch during business hours.