The Right Account for Your Retirement
Whether your retirement dreams keep you on Kauai or take you elsewhere, Gather Federal Credit Union is here to help you plan with confidence. Our Individual Retirement Accounts (IRAs) offer a safe, smart way to build long-term savings with tax advantages and competitive dividend rates.
An IRA is a retirement-focused savings account designed to help you set money aside for the future. There are a few different types of IRAs, each with its own benefits depending on your goals and tax situation. And the best part? Gather’s IRAs come with no setup, administrative, or maintenance fees.
Traditional IRA
Contributions to a Traditional IRA may be tax-deductible*, which could lower your taxable income now. However, you’ll pay taxes on your earnings when you begin making withdrawals in retirement. This is often called the “save now, pay later” approach.
Roth IRA
Contributions to a Roth IRA are made with after-tax dollars, so they won’t lower your taxable income now. However, your earnings grow federally tax-free, and qualified withdrawals in retirement are also tax-free. This is often called the “pay now, save later” approach.
Coverdell Education Savings Account
Contributions to a Coverdell Education Savings Account are made with after-tax dollars, so they won’t reduce your taxable income. However, your earnings grow tax-free, and withdrawals are also tax-free when used for qualified education expenses. This makes it a “save now, benefit later” option for funding a child’s education.
IRA Certificates
Investing in an IRA Certificate requires a minimum deposit of $500 and offers higher dividend rates. While your funds are held for a fixed term, the competitive dividends help your savings grow steadily over time, making it a reliable option for long-term retirement planning.
Whether you’re just getting started or rolling over from another plan, we’re here to help you explore your options and choose the account that fits your future.
Talk to Us About Retirement Accounts
We’re ready to help you start saving for the future you deserve.
Have Questions? See our IRA FAQs
For the most current information on IRA contribution limits, eligibility, and tax guidelines, please visit the IRS official website*.
*By clicking this link, you will be leaving Gather FCU’s website. We are not responsible for the content or accuracy of external websites.
*Please consult your tax advisor regarding your specific tax situation and how an IRA may benefit you.
The biggest difference is when you pay taxes. Traditional IRA contributions may be tax-deductible now, but withdrawals are taxed later. Roth IRAs are funded with after-tax dollars, so withdrawals (including earnings) may be tax-free in retirement.
Yes, you can contribute to both in the same year, but your total annual contribution must stay within IRS limits.
Contribution limits are set by the IRS and may change each year. Check current limits and income eligibility rules before contributing.
Yes, dividends are compounded and credited monthly, helping your savings grow over time.
Absolutely. We can help you roll over an existing IRA or open a new one that fits your retirement plan.