Credit Union West - So much more than money

Want to grow your nest egg?

No matter what your age, building your retirement nest egg is one of the most important things you can do. With tax time just around the corner, you have a variety of opportunities to help you grow your nest egg.

Now is a great time to make your 2007 IRA contribution.
Generally you have until April 15, 2008 to make your IRA contribution and file your tax return. The sooner you start saving, the sooner you will be earning toward your retirement. Saving for retirement in a traditional IRA allows your money to grow on a tax-deferred basis. You may also qualify for a deduction on the amount you contribute. If you contribute to a Roth IRA, your contribution is not deductible but your earnings are tax free.

Invest your 2007 tax refund in your 2008 IRA.
According to IRS statistics, the average individual tax refund last year was just over $2,500. Many people treat their refunds like lottery winnings and spend it. But you can add to your nest egg by arranging to have your refund deposited directly into your IRA..* The IRS is making it more convenient this year by allowing you to have your refund deposited in up to three different accounts. That means you can have some of your money deposited into your checking account to use now and the rest put into savings or your IRA. You can get more information about direct deposit from IRS Form 8888, available at www.irs.gov.

Protect your nest egg if you’ve changed jobs.
If you have money from a previous employer’s 401(k) plan, you need to roll it into a suitable retirement account or you may pay a harsh penalty and tax if you cash it out. The deposit insurance provided by CUW insures your retirement account up to $500,000 through ASI and the NCUA, a U.S. Government Agency.**

Credit Union West provides IRA information and account selections to meet all your retirement planning needs. We can help you whether you’re just beginning to build your nest egg or if you’re ready to start spending it. Just call us at 602.631.3200.

For current IRA Rate information, view our Rate Schedule.

*Be sure to consult your tax advisor for information about how IRA contributions apply to your individual circumstances.
**IRA accounts are insured to $250,000 by the NCUA, a US government agency, and to $250,000 by American Share Insurance at no cost to you! Please refer to Membership & Account agreement for complete details and restrictions on these accounts.