REDUCE Your Tax Burden

Open an IRA! You have until April 15, 2020, to make your contribution for the 2019 tax year. 

An IRA Serves Many Purposes

As a wage earner, an IRA is the one perk you can take advantage of when filing. It lets you save for a more secure retirement while giving a potential tax break – right now.

There are key benefits to opening an IRA:

You can reduce your tax burden today and develop a nest egg for the future. It’s no secret that most of us need to enhance our retirement income as we reach the golden years, and the cost of living continues to go up. Most experts recommend saving at least 10 to 15% of your income towards retirement. A rule of thumb is to save enough to live on 75 to 85% of your pre-retirement income. An IRA can help you to reach these goals and add to your retirement income.

Contact your tax advisor to see how an IRA can improve your tax situation, then visit our office to open an IRA. Even a small contribution can give you a boost and help you to better prepare for retirement.

You also have flexibility in how much you can invest. states that total contributions made to your traditional and Roth IRAs can reach up to $6,000 ($7,000 if you’re age 50 or older), or if your taxable compensation for the year is equal to or less than this dollar amount. You can also make contributions to an IRA every year you have earned income until you reach age 70 ½. Learn more about deduction limits at

A Roth IRA and 529 Education Plan offer other benefits.

Roth IRAs offer dividends that grow tax-free, and a 529 Plan is a prepaid tuition strategy with the potential of much higher contribution limits. Both provide opportunities to help meet your unique financial goals. If you need help navigating your IRA choices, stop in and see us. We can help outline the benefits of each.

Open an IRA:

  • Traditional and Roth IRAs available
  • Many options – choose from terms of 6 to 60 months
  • Earn more with IRA CD Bonus Rates (add .25% if you have a Checking Account with us)
  • Qualify for a potential tax deduction (please see your tax advisor)
  • Gain peace of mind – IRA funds are insured separately, up to $250,000 per account

April 15th is around the corner. See First United CU to open your IRA and reduce your tax burden today.

To learn more, visit or call or text us at 616.532.9067.