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You’ve worked hard all your life. You deserve a comfortable, rewarding retirement. With an Individual Retirement Account (IRA) from Westar FCU, you can embrace life to the fullest in retirement. It starts today when you open an IRA.

Benefits of an IRA

Social Security funds are on pace to be depleted by 2033, according to the Congressional Budget Office (CBO), a non-partisan government group.

This means that if you’re set to retire after 2033, sufficient retirement income from Social Security is not guaranteed. 

You can’t count on Social Security to have enough money to retire. This makes it even more important to start saving toward retirement with an IRA as soon as possible. 

The sooner you start putting money into your IRA, the more you’ll have to live off of once you’ve reached retirement age. 

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With an IRA, you also earn interest on your savings. The sooner you start making contributions to your retirement savings in an IRA, the more you’ll have to retire comfortably.

With the retirement savings you make with an IRA, you’ll have more money after retirement to do what you’ve always wanted. Many people eventually use their IRA funds toward things like:

  • More Vacations & Travel
  • Relocating
  • Big Purchases That They’ve Put Off in the Past
  • More Money to Live Off of in Retirement, So You Can Live Comfortably & Do More of What You Love

An IRA may be the first step toward living the life you’ve always wanted. 

What is an IRA?

An IRA is a type of retirement savings account. An IRA offers tax advantages that make an IRA more beneficial for long term savings. Westar FCU is the preferred choice for an IRA near Camillus NY and the greater CNY region. 

Choose from:

  • *Traditional IRA Share or Certificate Account
  • *Roth IRA Share or Certificate Account

*An early withdrawal penalty may apply. 

What is a Traditional IRA?

With a Traditional IRA, you can make contributions to your retirement savings with pre-tax or after-tax funds. Contributing to a Traditional IRA may also be tax deductible, giving you an immediate tax break.

With a Traditional IRA, the money you put into your retirement savings are tax deferred. This means that you don’t pay taxes on the money in your Traditional IRA until making a withdrawal from your retirement account. When a withdrawal is made from your Traditional IRA, you’ll pay normal income taxes. 

With no income limits on a Traditional IRA, this is a good option if you may be in the same or lower tax bracket by the time you need to withdrawal from your retirement account. 

Traditional IRAs do have contribution limits, meaning that you can only put a certain amount each year into your Traditional IRA. As of 2023, you can contribute up to $6,500 annually to your Traditional IRA. If you’re 50 or older, you can contribute up to $7,500 annually to your Traditional IRA. 

Whether you have questions about a Traditional IRA, or you’re ready to start saving toward your Traditional IRA…

What is a Roth IRA?

A Roth IRA is a type of retirement savings account where your contributions grow tax-free. In contrast to a Traditional IRA, a Roth IRA is not tax deductible. 

You can save toward a Roth IRA if your adjusted gross income is less than $218,000 a year if you’re married and file your taxes with your spouse. If you’re single or file your taxes separate from your spouse, you can contribute to a Roth IRA if your adjusted gross income is less than $138,000 a year. 

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After 5 and a half years, you can make withdrawals from a Roth IRA without having to pay taxes. Alternatively, you can also make tax-free withdrawals from a Roth IRA after you’re 59 and a half years old. 

Is a Roth IRA right for you? Whether you’d like to discuss your options, or you’re ready to start saving towards a Roth IRA…

Why Open an IRA with Westar FCU?

Interest Bearing Retirement Savings

Westar FCU IRAs earn interest toward your retirement savings. That means that the money you put into your IRA grows. 

We Put You First, Not Stockholders

In addition to favorable IRA interest rates, Westar FCU is a local credit union. As a credit union, we are owned by our account holders like you. The decisions we make are inherently in the interest of you, our account holders, not to line the pockets of big bank stockholders. 

Local Customer Service That’s Here For You

As a local credit union, whenever you have questions about your IRA, a local, knowledgeable representative is just a phone call or short drive away. At Westar FCU, we make you the star. Responsive, helpful customer service is our priority. At Westar FCU, you’re our neighbor, not a number. 

The Local, Trusted Credit Union for an IRA near Camillus NY and CNY

Westar FCU is proud to help our neighbors’ turn plans to action. Westar FCU offers Traditional IRAs and Roth IRAs to anyone who lives, works, attends school or religious services in any of the following areas:

  • Baldwinsville NY
  • Camillus NY
  • Elbridge NY
  • Geddes NY
  • Jordan NY
  • Marcellus NY
  • Memphis NY
  • Onondaga NY
  • Solvay NY
  • Van Buren NY
  • Warners NY
ira near camillus ny and baldwinsville ny credit union service counter
If you’re not already a Westar FCU credit union member, becoming a member is easy. Becoming a Westar FCU credit union member is the first step to opening an IRA.
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