Enhanced IRA Opportunity for Long-Term Member Relationship

This tax-filing season presents credit unions across the U.S. with a significant opportunity for growth in Individual Retirement Accounts (IRA) among members of all ages. Three consecutive years of declining stock markets, increased annual contribution limits, and roll over options are making IRAs even more popular as a long-term savings plan for retirement. Credit unions in particular are uniquely positioned as a trusted financial partner to help members take advantage of this important self-managed account.

 
 

This tax-filing season presents credit unions across the U.S. with a significant opportunity for growth in Individual Retirement Accounts (IRA) among members of all ages. Three consecutive years of declining stock markets, increased annual contribution limits, and roll over options are making IRAs even more popular as a long-term savings plan for retirement. Credit unions in particular are uniquely positioned as a trusted financial partner to help members take advantage of this important self-managed account.

Contribution Limits Have Increased as much as 75%!

The contribution limits for individuals and for couples have been raised by 50% in the 2002 tax year. For persons over age 50, the limits have increased by 75% due to allowed 'catch-up' contributions. This means that an individual 50 years old can now contribute up to $3,500 or $7,000 for a couple each year. Contribution limits are also set to increase even more over the next several years (see chart).

 

 

 

Jan. 27, 2003


Comments

 
 
 
  • Timely and a great reminder with updated information.
    Anonymous
     
     
     
  • Very interesting article. It would be interesting to have a little more info on the CU's you presented. Who on the list actively pursued their IRA assets, what were there goals, what methods if any did they employ? Also, how are their IRA programs set up? Centralized vs. branch processing. Do they have IRA Administrators (Managers) or is it just IRA personel? Are there any commonality that they share? It's thought provoking. Would like to see an indepth article on how or why these organizations reached their success.
    Anonymous