Have you been looking for an easy and safe way to watch your retirement savings grow? Discover has a long term option that may work for you. Open a Discover bank 10 year IRA CD and earn up to a 3% APY. This is a great deal considering the national average right now is only 1.5% APY.
You can choose which IRA CD is best for you. Both Traditional and Roth IRA CD’s come with different tax benefits depending on which one you apply for.
Roth IRA accounts are funded with your after-tax dollars but your earnings and any withdrawals you choose to make are tax-free since the money has already been taxed. This can translate to big tax savings in the future when you decide to cash out.
Traditional IRA are tax-deductible up to certain income limits. You may get a tax break during the years your contribute to the IRA but the deductions are taxed.
Both accounts have the same earned income deposit limits. You can deposit a maximum of $5,000 per year with an extra $1000 once you reach 50 years of age.
Ready to apply? CLICK HERE to visit the Discover site for more information.
CDs might be an excellent choice for a Roth IRA, or any other investment, since the economic and financial outlook is so complicated right now. Better to earn 3% guaranteed than to take a chance on stocks in a period of uncertainty.
If nothing else, you'll be keeping your money for the day when opportunities in the stock market are more obvious--and less risky.
Also keep in the spousal Roth IRA in mind. Even if your spouse has no earned income he or she might still qualifty. As long as you have enough earned income to cover both your contribution and your spouses, you can contribute to both. That turns a $5000 contribution into $10,000 ($12,000 if you’re both 50 or older).
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