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No one can survive on senior discounts alone

So you're doing everything possible to live a long, healthy life. Less junk food, more exercise, and fewer nights burning the midnight oil at work. But the thing about becoming a physically fit senior is that you'll need to pull together lots of cash to see you through all those active post-retirement years.

ALLIANCE has what it takes to help our West Texas members reach those goals. We offer several Individual Retirement Accounts that come with investment options, tax benefits, and other potential uses beyond supporting the next chapter of your life. It's sort of like your fitness routine. If you start saving early and do it often, you'll develop the financial muscle you need to finish strong.

Traditional and Roth IRAs

  • Minimum balance of $250
  • Contribute up to $6,000 per year ($7,000 if over 50)
  • No opening, closing or maintenance fees
  • Invest money in savings or certificate accounts
  • Traditional IRAs may provide annual tax benefits for each year you make a contribution
  • With Roth IRAs, your withdrawals are free from federal income tax
  • Roth IRAs can also be used for higher education costs and home purchases
  • Consult a tax professional for full details about tax advantages

Coverdell ESA

Coverdell accounts are structured like IRAs, and enjoy some of the same tax benefits, but the money is targeted for education expenses.

  • Contribute up to $2,000 per year
  • Dividends and earnings grow tax-free
  • Use for higher education costs or private primary or secondary school expenses
  • Any family member – including grandparents - can contribute to a single student's account
  • Consult a tax professional for full details about tax advantages

Additional Resources:

Traditional and Roth IRAs

Traditional IRAs

Roth IRAs

Transfers, Rollovers, and Conversions

IRA and Retirement Plan Distributions

 

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