According to a recent survey, Americans are still struggling to save enough for the future: 22% have less than $5,000 in savings for retirement; a startling 46% of respondents say they don’t know how much they have saved for retirement.

While many baby boomers (i.e. – those ages 55 to 73) are in or nearing retirement, 17% say they have less than $5,000 in retirement savings.

If you or someone you know is in this situation, think IRA. Individual Retirement Accounts (IRAs) were designed for just that purpose – to help Americans save money for retirement. There’s still time If you are looking to open an IRA, or add money to your existing account for the 2019 tax year – but you shouldn’t delay. The deadline for filing your 2019 taxes – April 15, 2020 – is right around the corner.

For help deciding on opening or adding to an IRA, we’ve included information here. It includes information based on the IRS website and other industry sources that cover IRA benefits in general as well as highlights of the similarities and differences between the two basic types of IRAs – traditional and Roth IRAs – to help you decide which is best for you.

Before making your final decision, always consult your tax advisor. For guidance on the FCSU annuity products that are IRAs, call the FCSU Home Office at 1-800-533-6682 or contact your local FCSU branch.

Fraternally,

Kenneth A. Arendt
Executive Secretary