- Roth IRATo qualify for a Roth IRA, members must have earned income. There are no age restrictions. Earnings grow tax-free. Contribution limits are in place and are dependent on adjusted gross income. Catch-up contributions can be made. Contributions to a Roth IRA are not eligible for tax deductions. Penalties will be applied on early withdrawals if applicable.
- Tax DeductionsTo qualify for a Traditional IRA, members must have earned income and be younger than 70 1/2 at the end of the year. Earnings are tax-deferred until withdrawal. Contribution limits are in place and are dependent on age and adjusted gross income. Catch-up contributions can be made. Contributions may be eligible for tax deductions. Penalties will be applied on early withdrawals if applicable. Distributions will start by April of the following year after the account holder turns 70 1/2.
- Asset ProtectionGAP PLUS may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan if your vehicle is deemed a total loss. While auto insurance covers the replacement value of the vehicle, members are still liable for the difference between the insurance settlement and their remaining loan balance- which could amount to thousands of dollars. With vehicle depreciation, loan terms extending, and the cost of repairs raising, chances that a “gap” will occur, between the remaining loan balance and insurance settlement, is greater than ever. Talk to the loan department at 269-965-6558 about GAP PLUS next time you apply for an auto loan.