Introduction: Retirement planning is a crucial aspect of financial wellness, ensuring individuals can enjoy a comfortable retirement without financial stress. Individual Retirement Accounts (IRA's) and Share Certificates, also known as Certificate of Deposits (CD's), are popular retirement savings options offered by credit unions. In this training document, we will explore the features, benefits, and considerations of IRA's and Share Certificates for credit union members planning for retirement.

1. Individual Retirement Accounts (IRA's):
   • IRA's are tax-advantaged retirement savings accounts available to individuals.
   • Types of IRA's include Traditional IRA's, Roth IRA's, and SEP IRA's, each with unique eligibility criteria and tax benefits.
   • Contributions to Traditional IRA's may be tax-deductible, while Roth IRA contributions are made with after-tax dollars, offering tax-free withdrawals in retirement.
   • IRA's offer a range of investment options, including stocks, bonds, mutual funds, and ETFs, allowing individuals to customize their investment strategy based on risk tolerance and retirement goals.
2. Share Certificates (CD's):
   • Share Certificates, or CD's, are low-risk savings vehicles that offer fixed interest rates over a specified term.
   • Credit unions typically offer competitive rates on Share Certificates, providing members with a secure way to grow their savings over time.
   • Share Certificates offer flexible terms ranging from a few months to several years, allowing individuals to choose the term that best aligns with their financial goals.
   • While CD's offer guaranteed returns, they may have early withdrawal penalties if funds are accessed before the maturity date.