IRAs
       
Regardless of your age or income level, the time to save and plan for your future is now. An IRA should be a part of your plan because of the advantages that they bring. An IRA can assist you not only for saving for retirement, but also to defer taxes on an eligible pension plan payout, for first time home buyers, to assist with your children's college education, for qualifying medical expenses, or as part of your tax planning strategy.

Our IRA's have no fees and earn higher dividends than regular share accounts. Dividends are paid monthly. To offer the utmost in convenience, contributions may be made through payroll deduction, by mail, or in person. If your IRA is currently at another financial institution, we will be happy to help you transfer the balance to a Credit Union IRA.

An IRA can provide tax advantages for you. The earnings on your IRA will grow tax deferred, and in the case of a Roth IRA, your withdrawals may be tax free. Depending on your income level, you may also be able to defer taxes on your contributions. Consult your tax advisor for advise on your situation.

We offer three types of IRA's:

• Traditional - This IRA offers tax deferred earnings and the possibility of tax deductible contributions. Based on your eligibility, you may contribute up to $4,000 per year. Married couples may contribute up to $8,000 total, but no more than $4,000 per spouse.
• Roth - This IRA offers tax-free earnings with non-tax deductible contributions. Based on your eligibility, you may contribute up to $4,000 per year. Married couples may contribute up to $8,000 total, but no more than $4,000 per spouse.
• Coverdell ESA -(formerly known as Educational IRA) This IRA offers tax-free earnings with non-tax deductible contributions. Based on your eligibility, you may contribute up to $2,000 per year, per child for the benefit of a child's education. Funds can be transferred from one child to another child in the family.

Your IRA account is insured by the National Credit Union Share Insurance Fund up to $250,000.00. IRA's are insured separately from your regular credit union savings accounts.

For more information on how each type of account would benefit your specific situation, talk with a Credit Union representative or consult your tax advisor.

To view our current rates on IRAs, click here. For IRA Certificate rates, click here.