Secure investment that is FDIC-insured (up to $250,000). Traditional IRA contributions may be tax-deductible on your tax return and earnings are not taxed until you withdraw the money out. Good option for those looking to reduce their taxes now. (Consult your tax advisor to find out if you qualify for the deductions.)
Roth IRAs allow for earnings to be distributed after age 59½, potentially tax-free. This a good option for those in their 20s and 30s looking to start saving for retirement early, or anyone looking for flexibility in their distributions.
Capitol Federal offers competitive rates on a variety of CD terms. These are FDIC-insured products with guaranteed rates.
Annually Review Your Beneficiary Designations
Each year, whether you choose your birthday, the new year or tax time, be
sure to ask any Capitol Federal® customer service representative to
review your list of beneficiaries for your IRA accounts. At the same
time, confirm your 'Pay on Death' or 'Transfer on Death' designations on
your non-retirement accounts. Taking this time each year will assure that
upon your death, your wishes will be fulfilled in the manner you
intended. In a year's time, life can change - birth, death, divorce,
marriage. Any of these events are prompts for you to update your list
of beneficiaries. After the review is completed, ask for a copy of the
beneficiary designations for your files.
Important Tip for IRA beneficiaries: On an IRA, you have the ability to
name both a primary and/or a contingent beneficiary. If no beneficiary is
listed, then your estate is deemed to be your beneficiary. On your IRA,
you also may choose to designate a specific percentage for your
beneficiaries in an effort to make your wishes more clear. You may want
to discuss your plans with your attorney to assure your beneficiary(ies)
are listed correctly.