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An Individual Retirement Account (IRA) is an excellent way to save for your retirement years. One reason is that the income tax on your IRA earnings is deferred until you begin making withdrawals. Plus, your IRA balances are insured up to $250,000 by the National Credit Union Administration.
It's possible that you qualify for a full or partial tax-deduction of your IRA contribution. InvesTex also offers an IRA CD, with a minimum deposit of $1,000.00. So, if you don't already have an Individual Retirement Account hard at work for you, stop in at the Credit Union and start one today!
IMPORTANT NEWS FOR 2009
President Bush signed legislation waving Required Minimum Distributions (RMDs) for 2009. This means that Traditional IRA owners and Traditional and Roth IRA beneficiaries will not have to take their RMDs in 2009. RMDs scheduled for 2010 remain unaffected. Members affected include:
- Traditional IRA owners receiving established Post-70 ½ RMD payments.
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Traditional IRA owners attaining age 70 1/2 in 2009, those with birth dates from July 1, 1938 through June 30, 1939.
- Traditional and Roth IRA beneficiaries scheduled to receive a 2009 death benefit RMD.
To request a form to stop your RMD, please e-mail us at investex@investexcu.org with your name, address and member number. If you have questions or concerns, please feel free to contact a member service representative at 281-449-0109.
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