If you have a Friends & Family Credit Union Individual Retirement Account (IRA), great news—it’s not too late to make your 2024 contribution! Even though the calendar has flipped to 2025, you still have time to boost your savings and take advantage of potential tax benefits.
Not an IRA account holder yet? No worries! Friends & Family Credit Union makes it easy to open an account and start saving for your future. Simply visit any of our locations before April 15, 2025, to make your contribution.
Why Contribute to an IRA?
Saving for retirement is one of the smartest financial decisions you can make, and an IRA is a powerful tool to help grow your wealth. Whether you’re planning for retirement, saving on taxes, or setting aside funds for education, our three IRA options provide flexible solutions tailored to your needs.
Three Types of IRAs We Offer
✅ Traditional IRA – Contributions may be tax-deductible, and your savings grow tax-deferred until you withdraw them in retirement. This is a great option if you want to lower your taxable income now while building wealth for the future.
✅ Roth IRA – While contributions to a Roth IRA are made with after-tax dollars, the advantage is that your money grows tax-free, and qualified withdrawals in retirement are not taxed. If you expect to be in a higher tax bracket in the future, a Roth IRA could be the perfect choice.
✅ Coverdell Education IRA – If you’re saving for a child’s education, this education-focused IRA allows you to grow savings tax-free and withdraw funds for qualified education expenses. It’s a great way to plan for tuition, books, and other educational costs.
The Deadline: April 15, 2025
Even though we’re in 2025, the IRS allows you to make contributions for the 2024 tax year until April 15, 2025. This means you still have time to:
✔ Maximize your annual IRA contribution limits
✔ Reduce your taxable income for 2024 (Traditional IRA only)
✔ Grow your retirement savings with tax-advantaged benefits
How to Contribute or Open an IRA
Making your IRA contribution or opening a new account is easy with Friends & Family Credit Union! Here’s what to do:
🔹 Visit any of our convenient locations before the April 15 deadline
🔹 Speak with our financial specialists to find the best IRA for your needs
🔹 Make your contribution and watch your savings grow!
Secure Your Future Today
There’s no better time to invest in your future. Whether you’re maximizing your retirement contributions or starting a new savings journey, Friends & Family Credit Union is here to help. Don’t miss this opportunity—stop by today and make your IRA contribution before April 15, 2025!
Have questions? Contact us today and let our team guide you toward financial success. Your future self will thank you!