Individual Retirement Accounts (IRAs)

Your future will be here one day. Sooner than you may expect. Secure it with an IRA that gives a high rate of return and competitive interest. Our IRAs are separately insured to $250,000 by the NCUA. Which IRA best meets your needs?

Traditional IRA

  • A great way to save for retirement while taking advantage of tax-deferred earnings.
  • Your contributions may be tax-deductible. Consult with your tax advisor.
  • Earnings grow tax-deferred until they are withdrawn. Withdrawals are taxed as ordinary income.
  • Withdrawal penalty-free for the following reasons: age 59 ½ or better, qualified educational expenses, first-time home purchase, disability, qualifying medical expenses exceeding 7.5% of adjusted gross income, payments of health insurance premiums while unemployed for 12 weeks or longer, and death.

Roth IRA

  • Contributions are not tax deductible, but withdrawals may be tax free under certain circumstances.
  • Make contributions from non-deductible after-tax income.
  • Contributions grow in a tax-free environment.
  • After account has been open for five years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59 ½ or better, if funds are needed for certain medical expenses, disability, death, education expenses, or first-time home purchases.
  • Not required to start withdrawals at the age of 70 ½. Those with earned income can contribute after age 70½.

Coverdell Education IRA

  • A great way to begin saving for your child’s education.
  • Contribute up to $2,000/year/child.
  • Withdrawals are tax-free and penalty-free only for qualified education expenses: tuition, books, fees, and computer equipment for elementary, secondary, and post-secondary education.
  • Funds may be transferred to another child in the same family without penalty.
  • Contributions are allowed until the child reaches age 18. All funds must be withdrawn by the time she or he turns 30.
  • Safety of NCUA insurance up to $250,000

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