A Traditional Individual Retirement Annuity (IRA) is a retirement savings account that defers the taxes on the growth of your account value until you withdraw the funds. In addition, your contributions may be tax deductible, but consult with a tax advisor for details about your specific situation.
You can contribute:
- if you are under age 70½,
- if you have earned income from employment,
- up to a maximum of $5,000 per year and
- make catch-up contributions if you are age 50 or older, up to $1,000 per year. (If eligible, your spouse may be able to contribute the amounts listed above to his or her Traditional IRA as well.)
How do I get started?
Income restrictions apply to Roth IRA plans. Your Catholic United Sales Representative can explain the requirements of Roth IRAs to you.
Membership in Catholic United Financial starts after you purchase a product from us. Membership means aligning your finances to your faith, and:
- Making Catholic United grants and incentive programs possible
- Encouraging volunteer work
- Fundraising for Catholic parishes, schools and religious education programs
- Participating in the business decisions of a company that is member-owned and member-operated
*Catholic United Financial IRAs are Individual Retirement Annuities