Saving for retirement may feel intimidating or seem like something that has to wait. The reality is that everyone needs to have a plan for retirement. Community First is here to help. Our trusted financial advisor can help you identify and open the retirement savings account that best fits your financial future.
Individual Retirement Accounts
Individual Retirement Accounts, or IRAs, are long-term savings accounts that offer big tax breaks. There are a variety of IRAs available for members of Community First. Use the link below to learn more about how setting up an IRA can help you start saving for the future.
457 Deferred Compensation
Community First offers a tax-deferred savings account program, under section 457 of the IRS code. This program is available to employers paid by state or local governments. Groups currently approved to contribute are the Baker, Clay and Duval County Public Schools and WJCT Channel 7. In this plan, a portion of your wages are deposited into a special Credit Union account through a salary reduction agreement and are not subject to Federal income tax while they remain deposited. All interest earned on deferred wages is tax-deferred.
- Contributions are tax-deferred until withdrawn
- Earnings grow tax-deferred until withdrawn
- Social security benefits are unaffected – deferred salary is included in the wage base for benefit purposes