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Is an IRA Right For You?Contact one of our customer service representatives at 1-800-331-3225 or email us today. Yakima Federal Savings offers traditional, Roth and Education IRAs.
You can save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Most Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you're an active participant in an employer sponsored plan as defined by the Internal Revenue Service.
With an Individual Retirement Account, You also defer taxes by putting them off until you retire, when you may be in a lower tax bracket. The chart below shows you how much you may be able to save each year. You may want to consult your tax advisor to review your particular situation on the tax deductible status of an IRA. Or for more general information, you can speak to one our IRA specialists. But, regardless of the amount you'll be able to save now on taxes an IRA is a smart way for you to save for a secure retirement.
IRA Tax Savings Potential Chart
Taxes Saved
IRA
Deductible
Contribution
Amount |
15 %
Tax
Bracket
Savings |
28 %
Tax
Bracket
Savings |
31 %
Tax
Bracket
Savings |
36 %
Tax
Bracket
Savings |
39.6 %
Tax
Bracket
Savings |
$ 500 |
$ 75 |
$ 140 |
$ 155 |
$ 180 |
$ 198 |
$ 1,000 |
$ 150 |
$ 280 |
$ 310 |
$ 360 |
$ 396 |
$ 2,000 |
$ 300 |
$ 560 |
$ 620 |
$ 720 |
$ 792 |
$ 2,250 |
$ 337 |
$ 630 |
$ 697 |
$ 810 |
$ 891 |
$ 4,000 |
$ 600 |
$ 1,120 |
$ 1,240 |
$ 1,440 |
$ 1,584 |
If You're Changing Employers, An IRA Rollover Makes Sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer's retirement plan, you may find yourself in a tax bind, unless you roll over your assets into an IRA or another qualified plan. You can ask your employer to arrange for a "direct rollover" of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.
You must complete the rollover within 60 days from the date you receive the assets from your old retirement plan in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well. For more information about IRA Rollovers or opening a new IRA just return this form or give us a call.
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