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?
- 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- Earnings grow tax-deferred until they are withdrawn.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.
- 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- After account has been open for five years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59 ½ or better, if funds are needed for certain medical expenses, disability, death, education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 All funds must be withdrawn by the time she or he turns 30.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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