Are you growing your nest egg? Savings Certificates give you higher returns than regular savings accounts. They have specified terms, ranging from 3 to 60 months, with lock-in dividend rates. Dividends are compounded and credited monthly and at maturity. A penalty may be imposed for early withdrawal.

An Individual Retirement Arrangement (IRA) Account is an excellent tool for retirement savings. Unlike most investments, depending on the type of IRA you choose, contributions may be tax deductible and grow either tax-deferred or tax-free.

This information is not intended as tax advice. Please consult a tax professional for specific tax information.

Cooperative Federal offers Traditional IRAs, Roth IRAs, and SEP IRAs. IRAs are available as share accounts or certificates.

• Traditional IRAs may allow you to make pre-tax contributions. Traditional IRAs are usually best for people who expect to be in the same or lower tax bracket when they start taking withdrawals. Contributions are tax-deferred but offer immediate tax benefits. More details: IRS.gov
• Roth IRAs allow you to make after-tax contributions and may work better for those who will be in a higher tax bracket when they begin withdrawing funds. Contributions grow tax-free but without current-year tax benefits. Roth IRAs must be opened or funded by the April 15 tax filing deadline to receive deductions. More details: IRS.gov
• SEP-IRAs, or Simplified Employee Pension Plans, are designed for self-employed people and small-business owners. SEP-IRAs must be opened or funded by the April 15 tax filing deadline to receive deductions. More details: IRS.gov

For more information about IRAs, contact:

• Gerry Russo, Operations Assistant, (315) 473-0210 or send an email (Wed. - Fri.)
• Leyanis de la Peña, Branch Manager, (315) 473-0282 or send an email (Mon. - Fri.)