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Retirement Planning

Along with your employer-sponsored 401(k), Individual Retirement Accounts (IRAs) are considered one of the best investments you can make because your money is tax-deferred until you withdraw your funds. Financial Center will gladly discuss your IRA options, including determining which IRA is right for you and how you can maximize your tax benefits.

What is an IRA?

  • An IRA (Individual Retirement Account) is a retirement savings vehicle that may offer tax benefits that many people have in addition to or in place of a 401(k).
  • IRAs may help you save for retirement either tax-deferred or tax-free.
  • IRAs can help you lower your adjusted income and taxes during the wealth accumulation phase.
  • IRA funds cannot be accessed without penalty until the account has been open five years and the account holder has reached age 59 and a half.
Financial Center offers secured IRA Certificates, which earn a lower rate of return but the principal is guaranteed. This product is offered through the credit union, and not our broker dealer.
Through our broker dealer, CFS*, you can open an IRA account with investment options that are suitable for you. Your IRA account would not be NCUA insured, but may earn a higher rate of return in comparison to the IRA Certificate.

What are the differences between a Traditional IRA and a Roth IRA?

Traditional IRA contributions are tax deductible on both state and federal tax returns for the year when you make the contribution; withdrawals in retirement are taxed at ordinary income tax rates. Roth IRAs provide no tax break for contributions, but earnings and withdrawals are generally tax-free. Learn more.

Can IRAs be used for things other than retirement?

While the primary purpose of any IRA is to provide you with income during retirement, Roth IRAs allow a couple of withdrawal exceptions such as using the funds to purchase a first home or to fund a spouse, child or grandchild's college education. Some restrictions apply, and you'll want to consult a financial advisor regarding whether or not utilizing a Roth IRA is the best choice for your situation.

Financial Center's CFS* Advisors are ready to help you make a plan to achieve your retirement goals. Call 317.916.6131 to schedule your no-obligation retirement review.

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. CUSO Financial Services, L.P. and its representatives do not provide tax advice. For such advice, please contact a tax professional.


Your savings federaly insured to at least $250,000 and backed by the full faith and credit of the United States Government: NCUA, Equal Housing Lender, ESI