Learn about IRA Account Options:
Retirement account rollovers
Leaving an employer can be a stressful time. Taking care of your 401(k)/403(b)/457 deferred compensation plan or other employer sponsored retirement plan can be a daunting process. Your Financial Advisor here at Rogue Credit Union can help you step by step. By doing a direct rollover into an IRA, you can avoid taxes and/or penalties that might otherwise be assessed. We are happy to guide you through the process while at the same time helping you establish your new rollover IRA.
Traditional vs. Roth IRAs
When looking to set up a personal retirement plan, you are faced with the choice of whether to go with a Traditional IRA or a Roth. Each plan has unique characteristics and while the details are too numerous to list, some of the basic features are as follows:
|Traditional IRA||ROTH IRA|
|Potentially Tax Deductible|
|Tax-deferral on earnings|
|Wide range of investment choices|
|Potentially tax free earnings|
|Friendly Local Advisor|
A friendly advisor at Rogue Credit Union will help you choose which plan best fits your needs, but it is also recommended to consult with your tax advisor in certain situations, particularly when making a withdrawal.
Other retirement options:
There are many types of retirement plans and some of them fit particular situations better than others.
- SEP IRA: Used for small businesses and self-employed people. This plan has different contribution rules than the SIMPLE.
- SIMPLE IRA: Used for small businesses and self employed people. Different contribution rules than the SEP.
- Single K: Self employed person looking for advantages of 401(k).
- 403(b): Similar to a 401(k), typically used for governmental agencies and non profits.
- 401(k): Most common employer sponsored retirement plan used by companies in the publicly owned and private sector. If you are an employer ask about our 401(k) Your Way plan.
- Profit Sharing: Many employers will have some type of profit sharing plan with employees. Usually these can be rolled into an IRA upon leaving an employer.
*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.