Does your teen have a job? Do you have a family member who works on the side? How about family who live outside of Wisconsin and want to build up their retirement nest egg? Great news—you can help them out!
If your teen has earned income, it’s never too early to get them started on their retirement savings with a WEA Member Benefits IRA. A Roth IRA is a particularly attractive savings option for young people who can count on years of tax-free earnings.
If you, your spouse, or child work or own a small business, a Simplified Employee Pension (SEP) IRA might be an option for you or your family member. A SEP provides retirement benefits for small business owners and their employees with little to no administrative costs. There are contribution limits—call us discuss your options.
A Spousal IRA can provide retirement savings for a non-working spouse with no or very little income as long as the married couple files a joint income tax return and has eligible compensation to cover the contribution amount.
And if you have family who live in one of the states that offer our IRA program, and they meet eligibility guidelines, they may also enjoy the benefits of saving with a WEA Member Benefits IRA. Visit our IRA eligibility web page to see which states are eligible.
Restrictions may apply. Certain state residency required.