Individual Retirement Account (IRA)
Individual Retirement Accounts (IRAs) are a great way to build that nest
egg. And, with the Taxpayer Relief Act of 1997, you have even
more options for retirement savings. Traditional IRAs provide
a tax deduction for some people, along with tax-deferred interest.
Coverdell Education Savings Account and Roth IRAs are not
tax deductible, but may earn income tax-free.
Annual contributions to an IRA account may not exceed the lesser
of 100% of your earned income or $4,000. Total contributions
to a combination of traditional and Roth IRAs may not exceed
this amount in any one tax year.
If you would like to transfer your IRA from somewhere else, we
make it convenient and easy for you. IRAs are insured
by NCUA separately - in other words, your IRA is insured for
up to $250,000 in addition to the $100,000 on other accounts.
If
you are seeking a higher yield by investing your IRA funds
for a specified term, the Credit Union offers certificates
with terms of 12 months to 60 months. IRA Certificates are
available under Traditional, Educational and Roth IRA terms.
- A penalty may be charged for early withdrawal
- Rates are fixed for the term of the certificate
- All activity appears on your regular statement
- No minimum balance is required for the IRA
- No monthly fees
- Contributions may be made in "lump sums" or by regular deposits of up
to $4,000 for Traditional and Roth IRA and up to $2000 for
the Coverdell Education Savings Account. Age
50 and older can make contributions to Traditional and Roth
IRAs of $5000.
- Dividends are paid monthly
For more information, please contact our IRA
Specialist or contact a Member Services Representative.
Regular Savings
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