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individual retirement accounts

IRAs offer a great opportunity to plan for the future. We can help you decide whether it is to your advantage to open a Traditional or Roth IRA, or to rollover your current IRA to a Traditional or Roth IRA. If you have children or grandchildren, the Coverdell Education Savings Account should interest you. We have a variety of options:

Traditional IRA

Up to $5,500 per year can be invested, and in some cases, the contributions are tax deductible. Members 50 years of age or over can contribute up to $6,500 per year. Share Certificate IRAs are also available with a minimum balance of $1,000 and terms of 6 months, 1 year, 2 years, 3 years, 5 years, or 7 years.

Roth IRA

Up to $5,500 per year can be invested, and there is the potential of never having to pay income tax on the earnings from these accounts. Members 50 years of age or over can contribute up to $6,500 per year. Roth Share Certificate IRAs are also available with the same terms as Traditional IRAs.

Coverdell Education Savings Account

Up to $2,000 per year can be invested for the purpose of saving for the higher education expenses of a child in your life. Any relative or non-relative of a beneficiary under 18 can open the account.

Call or stop by the credit union for a "Comparing Your IRA Options" brochure. It includes details on who can contribute, who can make deductible contributions, the tax advantages, withdrawals and more.