Below is a list of the IRA options that we currently offer.
Click on an IRA option to see more information or scroll down to browse them all.
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Traditional IRA
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- Contributions: Anyone under the age of 70 ½ who has an income from compensation can contribute.
- Contributions may be tax deductible up to 100%.
- Earnings grow tax-deferred until withdrawn.
- Withdrawals penalty-free for qualified reasons. **
** See your Credit Union IRA representative for more information.
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Roth IRA
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- Contributions: Anyone who has income from compensation can contribute, no age limit.
- Earnings are tax-free if account is open for five years and withdrawn for a qualified reason. **
- Not required to start withdrawals at age 70 ½ .
** See your Credit Union IRA representative for more information.
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Coverdell Educational Savings Account
(Formally known as the Education IRA)
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- Contributions: Anyone that meets the income requirements can contribute to a child’s IRA until the child reaches the age of 18. **
- Withdrawals for certain qualified education expenses are tax-free and penalty-free.
- Funds can be transferred from one child’s account to another child in the family.
** See your Credit Union IRA representative for more information.
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| Ah retirement! We all look forward to the day we no longer have to “go to work”, but are we really prepared financially? Did you know that typically Social Security only replaces about 30% of your current income? And what about those higher education costs for our children? With the ever increasing price of tuition, books and all the other incidentals of college, it’s never too late to start an Education IRA, whether it’s for your own children, grandkids, nieces or nephews. An IRA can make the difference for those retirement plans or college expenses. |
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