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Question/Topic
What is an easy way to make contributions to my IRA?
Answer/Article

Employers can allow employees to contribute to a traditional or a Roth IRA by direct deposit through payroll deduction. In addition, employees making direct deposits of deductible contributions to a traditional IRA may be able to adjust their federal income tax withholding to receive a more immediate tax benefit from their contributions. Check out the IRS Web site for more information (www.irs.gov).

Make your IRA habit-forming. At Global Credit Union, we'll help you get your retirement plan off to the right start and make contributing to an IRA easy with direct deposit and payroll deduction.
KBID 1060
Date Modified 2/11/2009
Date Created 2/11/2009
 
 
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Anonymous

Posted: 7:32:07 AM on 12/1/2009

 Approved: 10:52:14 AM on 12/1/2009   

Points Awarded: 1  (1 Rating)

I am wondering whteher a Roth is easier to set up to contribute to it from savings. At STCU, for example, I need to go in and fill out paperwork to make even a small contribution to my traditional IRA, when I would like to go online or set up a regular distribution.

Editor Kimberly L. says: Unfortunately, it won't matter whether it is a Traditional or Roth IRA. Federal guidelines require financial institutions to do some rigorous reporting on IRAs. And, between January 1 and April 15, funds can be attributed to the current year or the prior year. So, currently, you are not able to transfer funds via eBranch or STARs. However, you can send us a message in eBranch and we can make the transfer for you. Or, you can set up an automatic deposit to be made every month or even every payday. We'd be happy to set this up for you. Just log in to eBranch and send us a message and we'll get right on it.
All information provided through this site is intended to be accurate. However, there may be inaccuracies from time to time which we will make every attempt to correct immediately. Information provided is intended to assist you in making decisions and does not eliminate the need to discuss your particular circumstances with a qualified professional.
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