Traditional IRA

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).

Roth IRA

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Since a Roth IRA is after-tax money, the principal can be withdrawn without a penalty. If dividends remain for 5 years, they become tax-free when withdrawn for qualified reasons such as reaching age 59 1/2, buying a first home, or becoming disabled.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

Coverdell Education Savings Account

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

Budgeting Your Savings

It’s essential that you have good budgeting habits to increase your savings. Whether you’re budgeting and saving for a one-time event like a wedding, saving for a major life change like having a baby, or getting better at managing daily spending and saving in general, this eBook will help!

Full of budget templates and tips about creating a budget and tricks for sticking to it, this guide is essential for your future saving goals. With some organization and a good plan, you’ll be adding deposits to your Savings Account regularly.