According to a recent reports, nearly half of American families have no retirement account savings at all, while the median savings of those who do is just $5,000.

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 in the 2017 tax year, – but you shouldn’t delay. The deadline for filing your 2017 taxes – April 17, 2018 – is right around the corner.

For help deciding which type of IRA is best for you, the following chart from the IRS website may be helpful. It provides information about the two basic types of IRAs – traditional and Roth IRAs – and highlights some of their similarities and differences.

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 your local FCSU branch.

Fraternally,
Kenneth A. Arendt
Executive Secretary