Carolina Trust Federal Credit Union

Mailing Address: PO Box 780004, Myrtle Beach, SC 29578-7804
Phone: (843) 448-2133 / Hours & Locations / Contact Us
Lost or Stolen Cards: Debit: 1-888-918-7810 and Credit: 1-800-654-7728

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Roth versus Traditional IRAs
If you haven't yet opened an Individual Retirement Account (IRA), take a look at the different tax advantages offered by Traditional and Roth IRAs*:

With a Traditional IRA, your contributions are tax deductible and earnings accumulate tax deferred, so you won't owe income taxes until you make withdrawals. Deductible contributions and earnings are then taxed at the current income tax rate upon withdrawal.

Roth IRA contributions are not tax deductible. However, withdrawals of your contributions are always tax-free and penalty free. Additionally, earnings accumulate tax-free and are free from income tax upon withdrawal if you meet specific conditions. A Roth IRA also has more flexible "early withdrawal rules" than a traditional IRA, and you are not required to begin withdrawals at age 70½.

There are factors you should consider before choosing an IRA account such as: your current age, plans for needing the money prior to age 59½, plans for leaving the money to heirs, and the likelihood that you will actually invest the money you save on taxes in another retirement account. Your tax advisor can help you determine which tax advantages would benefit you most.

A Carolina Trust member service representative can answer questions you may have about your IRA options, features, and benefits.

Check current IRA Savings Rates

*Consult your tax advisor for tax deductibility information.

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