Retirement Planning

View Our Retirement Plans

Family Federal Savings offers various types of Individual Retirement Accounts (IRA’s). Whichever type you choose, you can rest easy knowing your funds are securely invested and may provide tax-deferred or tax-exempt savings opportunities. To learn which plan is right for you, review the information below or call 800-439-3339.

For Individuals:

Traditional IRA – IRA stands for Individual Retirement Account, and it’s basically a savings account with tax benefits. In many cases, your contributions to a traditional IRA are tax deductible. The interest earned in these accounts is not taxed as it grows.  However, when you withdraw from the account during retirement, the withdrawals are taxed as income.

Roth IRA – Roth IRAs differ from Traditional IRAs in a number of ways.  Contributions to a Roth IRA are not tax-deductible. However, eligible distributions are tax-free. Your contribution to a Roth IRA is made with after-tax dollars, but as the account earns interest and grows, you do not have to pay any taxes on that income. When you retire, you can withdraw from the account without incurring any income taxes on your withdrawals.

Another big benefit of a Roth IRA is you can leave the money in for as long as you want, letting it grow and grow as you get older and older. With a traditional IRA, you must start withdrawing the money when you reach age 70½.

For Business Owners:

If you work for yourself, or own a small company, you can offer a retirement account such as a SEP-IRA or a SIMPLE IRA. The principle behind all of these accounts is exactly the same — you and/or your company can contribute pre-tax money to your retirement account, receiving a tax break and allowing your money to grow.

Savings Incentive Match Plan for Employees (SIMPLE), allows companies with 100 or fewer employees to offer a SIMPLE IRA plan. Your employees can defer a portion of their salary as in a 401(k), and receive an employer contribution as well.

Simplified Employee Pension (SEP) IRA, allows you to make generous tax-deductible retirement contributions for yourself and any employees. These accounts are tailored for small businesses, with minimal paperwork required to start and operate.