Individual Retirement Accounts (IRAs)
No matter how far away, or right around the corner, retirement is for you, the best time to start preparing is always the same: now. An IRA is an excellent way to reap significant tax savings while securing a strong financial future.
We offer both traditional and Roth IRAs that are easily accessible to all members. You can even roll over funds from another IRA or 401(k) free of penalty. Additionally, we offer Education IRAs to fund higher education. No matter you're goals, we can help you reach them.
- Traditional IRA
Anyone under age 70½ can open a traditional IRA, which provides immediate benefits in the form of tax deductions on contributions.
- No annual fee
- Only $5 minimum balance
- Interest earnings are tax deferred
- Current income grows tax free
- Contributions can be deducted from income tax returns*
- $5,000 contribution limit per year (as of 2010)
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase Advantage Plus Share Certificates
- Withdrawals can begin at age 59½
- Mandatory withdrawals at age 70½
- Early withdrawals subject to penalty**
- Federally insured by NCUA
Take a look at our current rates.
*Consult with a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
- Roth IRA
While you can't deduct contributions from current tax returns, a Roth IRA does provide for completely tax-free earnings and withdrawals. Additionally, there are no mandatory withdrawals based on age.
- No annual fee
- Only $5 minimum balance
- To contribute to a Roth IRA, adjusted gross income must be less than $120,000 annually (or $177,000 for married couples)
- Earnings and principal are 100% tax free upon withdrawal
- Contributions are not tax deductible
- $5,000 contribution limit per year (as of 2010)
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase Advantage Plus Share Certificates
- No mandatory distribution age
- Principal contributions can be withdrawn without penalty*
- Early withdrawals on interest subject to penalty**
- Federally insured by NCUA
Take a look at our current rates.
*Subject to some minimal conditions.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
- Education IRA
Also called the Coverdell Education Savings Account, this IRA is set up for a beneficiary under 18 years of age. The tax-advantaged contributions are to be used for education expenses.
- No annual fee
- Only $5 minimum balance
- Interest grows tax free
- Withdrawals tax free when used for qualified education expenses*
- Contributions are not tax deductible
- $2,000 maximum annual contribution per child
- Contributions can be made until the child is 18 years old
- Funds must be distributed when recipient reaches age 30
- Contributors do not have to be related to recipient
- Individuals and non-individuals (such as companies or charities) can contribute up to $2,000 per child per year
- Federally insured by NCUA
Take a look at our current rates.
*Qualified expenses include tuition and fees, books, supplies, board, etc.
