Don’t Fall for Bank Impersonation Scams!
Fraudsters know that the majority of people will act quickly if they receive a text, call, or email claiming there’s an issue with their bank account.
A bank impersonation scam is when someone reaches out pretending to work at a credit union or bank you use. Most of these scams are executed to either steal your credit or debit card information, steal your online banking credentials, get you to hand over money, or to get around your credit union or bank’s security protections to access your accounts directly.

26% of people start investing in retirement before the age of 25. The average age of most investors is 29 years old. Financial experts advise people to invest earlier by putting away at least 10% of their monthly income. Individual Retirement Accounts (IRA) are one of the many ways to prepare for retirement. 

What is an IRA?

An IRA is an account provided by different financial institutions that offers tax advantages for retirement savings. The tax benefits of having an IRA allow your finances to grow quicker compared to an alternative taxable retirement account with similar returns. 

Why invest in an IRA?

Many employers provide 401(k) plans to their employees, but a 401(k) may not be enough to retire and meet your future needs. Most financial advisors suggest retired individuals need 85% of their pre-retirement income during their retirement years. 

What are Traditional IRAs and Roth IRAs?

Traditional IRA contributions are made with after-tax money and taxed at withdrawal. Anyone 18 or over with earned income can contribute to a traditional IRA. There are a few limitations to traditional IRAs that include:

1 You are required to withdraw a minimum amount of money starting at the age of 73.

2 There may be penalties for individuals who withdraw their funds before 59 ½ years of age.

Roth IRA contributions are after-tax money, and the potential earnings accumulate tax-free. Roth IRAs also allow you to withdraw your contributions tax-free and penalty-free as long as it’s been 5-years since your first contribution. Roth IRAs have specific IRS income limits - $129,000 for single and $204,000 for married filing jointly. Also, you are not required to withdraw a minimum amount of money at a certain age with a Roth IRA.

For additional information on IRAs, please contact a member of our team at (800) 555-6665 or visit