Roth IRA contributions are allowed at any age as long as the IRA owner has earned income and meets the required Modified Adjusted Gross Income level (visit the IRS.gov website for more information).

Since a Roth IRA is after-tax money, the principal can be withdrawn without penalty. If dividends remain for 5 years, they become tax-free when withdrawn for qualified reasons such as reaching age 59 1/2, buying a first home, or becoming disabled.

All Roth IRA contributions are nondeductible. There is a maximum contribution limit per year for individuals and for married couples. If you are over the age of 50 you may be eligible to contribute even more. We recommend you speak to a licensed tax professional to determine your max contribution levels.

You can contribute to a Traditional IRA if you have earned income and if you have not reached age 70 1/2 by the end of the year.

Traditional IRAs offer tax-deferred earnings and the possibility for tax-deductible contributions. (Consult your tax advisor for complete details).

ACU also offers long-term savings accounts meant to help families plan for large future educational expenses.

Coverdell Education Savings Accounts (ESA) are a trust or custodial account designed to help families pay for education expenses. A Coverdell ESA offers tax-free earnings growth and tax-free withdrawals when the funds are spent on qualified educational expenses.

Coverdells aren't just for college – you can also use your savings to pay for K-12 expenses, and these accounts can offer more investment options and lower fees than 529 plans. Use this application to apply for a Coverdell ESA today.

Use our Retirement Calculator to better determine how much you will need to save each month to fund your retirement.