With any luck, you're going to retire someday. We know, it seems like a long way off, but it's going to get here a lot faster than you think. And when it does, you'll want to be ready for it, rather than relying on Social Security alone to pay for your golden years.

At GHCU, we offer several IRA options (Individual Retirement Accounts) to help you save toward nirvana…er, retirement.

IRA Savings versus IRA Share Certificates—Each of the IRAs below can be invested in either an IRA Savings Account or an IRA Share Certificate. With a certificate you earn a higher dividend rate, but your money is tied up for whatever period of time stated on the certificate. Savings accounts earn less, but are a little more flexible when it comes to contributions or withdrawals.

With a traditional IRA, you can contribute money and potentially take a tax deduction for it. Earnings are tax deferred until the funds are withdrawn from the IRA plan. Withdrawals can be made without penalty once you reach the age of 59 1/2 years of age. Other withdrawal reasons may also be penalty-free, such as first time home buying, disability, or higher education. You must begin withdrawing from your account when you reach the age of 70 1/2.

The main restriction on this one is that your annual contributions are only tax deductible if you meet the Modified Adjusted Gross Income (MAGI) limits established by the IRS. With a Traditional IRA, the most that can be contributed is the smaller of the following amounts: $5,000 (or you may make a catch-up contribution totaling $6,000 if you are age 50 or older) or your taxable compensation for the year. Contributions to a Traditional IRA reduce your contribution limit to a Roth IRA and vice versa.

The latest IRA option is the Roth. Named after the lawmaker who sponsored the bill, if you invest your money in a Roth IRA (either in an IRA Savings Account or an IRA Share Certificate), the money grows tax deferred until you need it for retirement. Roth IRA contributions are not tax deductible. After you meet the 5 year test and reach the age of 59 1/2 withdrawals on the funds are tax free. You may withdraw contributed funds at any time without incurring a tax penalty. Unlike a traditional IRA, you can continue contributing to a Roth IRA even if you have reached the age of 70 1/2.

Providing you qualify for a Roth IRA under the Modified Adjusted Gross Income (MAGI) limits established by the IRS you can contribute up to $5,000 per person into a Roth IRA each year if you're under age 50, or $6,000 if you're over age 50. It doesn't matter if you already have a pension, 401K or KEOGH where you work…the Roth IRA can work right on top of all that.

Education IRA is not really an IRA (remember, the R in IRA stands for Retirement) but it kind of acts like one.

Education IRAs are really useful, allowing you to contribute up to $2,000 per child per year (subject to some income limitations). The money goes into a custodial account for benefit of the child to pay his/her qualifying education expenses.

Also, you can now use an Education IRA to pay for any kind of education, public or private, grade school, high school or college. It can also be used to pay for virtually any education-related expense, too…tuition, fees, books, supplies, room and board, and even uniforms.