Secure Your Future With An Individual Retirement Account (IRA)

Is an IRA Right For You? Take our 1 minute Broadway Federal IRA Test and find out. Ready to open your IRA or have a question? Call one of our customer service representatives today at (323) 931-1886.

You might also be able to save on your present taxes with an Individual Retirement Account by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you're an active participant in an employer sponsored plan as defined by the Internal Revenue Service.

With an Individual Retirement Account, you may also be able to defer taxes until you retire, when you will probably be in a lower tax bracket. The chart below shows you how much you may be able save each year. You may want to consult your tax advisor to review the tax-deductible status of an IRA. Regardless of the amount you'll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.

IRA Tax Savings Potential Chart

IRA

Deductible Contribution Amount

15 %

Tax Bracket Savings

28 %

Tax Bracket Savings

31 %

Tax Bracket Savings

36 %

Tax Bracket Savings

39.6 %

Tax Bracket Savings

$500

$75

$140

$155

$180

$198

$1,000

$150

$280

$310

$360

$396

$2,000

$300

$560

$620

$720

$792

$2,250

$337

$630

$697

$810

$891

$4,000

$600

$1,120

$1,240

$1,440

$1,584

If You're Changing Employers

An IRA Rollover makes sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer's retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a "direct rollover" of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.

You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well. For more information about IRA Rollovers or opening a new IRA just give us a call at (323) 931-1886.

Take our One-Minute IRA Test

Thinking About A More Secure Retirement?

Select the answer that best describes your situation in each question below. When you're finished, click "Add Up My Points." Continue... I'll take the test later.

Your age

Score:

21 to 25
2

26 to 35
2

36 to 45
3

46 to 64
4

64+
5

Your Annual Gross Income

Score:

Under $10,000
1

$10,000 to $20,000
2

$20,001 to $30,000
3

$30,001 to $40,000
4

Over $40,000
5

Amount You Can Afford To Save Each Week

Score:

$5
1

$10
2

$20
3

$30
4

Over $30
5

Amount You Currently Have In Savings

Score:

Under $500
1

$500 to $1,000
2

$1,001 to $3,000
3

$3,001 to $5,000
4

Over $5,000
5

The Difference Between Your Current Age And Planned Age At Retirement

Score:

Over 25 years
1

21 to 25 years
2

16 to 20 years
3

11 to 15 years
4

10 years Or Less
5

The Approximate Value Of Any Retirement Plan You Currently Have

Score:

Under $1,000
2

$1,000 to $3,000
2

$3,001 to $5,000
3

$5,001 to $10,000
4

Over $10,000
5

Your Projected Weekly Need At Retirement

Score:

$200 to $300
2

$301 to $400
2

$401 to $500
3

$501 to $600
4

Over $600
5

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What Your IRA Test Score Means

Find Out Which IRA Is Right For You

This chart is for your information only. Be sure to consult a customer service representative before opening an Individual Retirement Account.

Individual Retirement Account Chart

If Your IRA Test Score is...

Under 14 Points: An IRA may not be right for you at this time. Speak to one of our representatives for more information.

14 Points or More: If your age is 21 to 35: Now is the ideal time to open an IRA. If you invest $2000 a year at 6% or more, you could have $300,000 or more at age 65.

If your age is 36 to 45: You're in your peak earning years. Start an IRA today. Don't delay.

If your age is 46 to 64: If you haven't opened an IRA by now, you should do so immediately.

If your age is 65 or more: If you're retired, it's too late to open an IRA. But if you're still working, you have until age 70-1/2 to continue investing for a more secure future.