IRA (Individual Retirement Accounts)

IRAs are valuable long-term savings tools that can provide safety and security for you and your family.  An IRA belongs to you, to which you contribute.  It can be opened and funded without any employer participation.  Interest on IRA’s may grow tax deferred until they’re distributed.

Traditional IRA Features:

  • Contributions and/or earnings are tax-deferred until retirement
  • Possible deductions based on retirement plan participation and income
  • Provides full accessibility to your funds; 10% early distribution penalty if younger than 59 ½ years plus federal taxes
  • Completely flexible as there is no minimum contribution in any year
  • Members under age 70 ½ years may contribute a maximum of $5K per year

Roth IRA Features:

  • Earnings are tax-deferred until retirement
  • Provides full accessibility to your funds; you can withdrawal up to the total amount of your annual contributions with no federal taxes or penalties
  • Completely flexible as there is no minimum contribution in any year
  • Contribution limits may vary by tax year, income level and tax filing status

Our IRA pays competitive market rates and has no monthly service fee. A $25 minimum amount is required to set up an IRA savings account.  To view current rates click here.

*Dividends are compunded and credited quarterly.  The dividend period is a calendar quarter.  Earn interest with an average daily balance of $25.

** The Credit Union provides no legal advice to members, and provides the foregoing information from a reliable resource to give our members a basic understanding of these services. You should consult with your tax or legal advisor regarding any particular and the current status of applicable federal and state laws.

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