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Individual Retirement Accounts
These accounts were created by Congress to encourage people to save for the future. You get distinct tax advantages
for doing so. (Be sure to consult a tax advisor.) We offer all three types of IRAs at the credit union.
- Traditional IRAs: These give you a reliable source of income when you retire and may
give you a tax break now. Eligible taxpayers can deduct as much as $2,000 worth of contributions to their
accounts from their income taxes.
- Roth IRAs: While you can't deduct contributions to Roth IRAs, you can avoid paying taxes
on your earnings when you withdraw them. Participation is subject to income restrictions.
- Coverdell Education Savings Accounts: These accounts are for parents, grandparents and
legal guardians who want to save money for a child's higher education expenses. Earnings and eligible withdrawals
can be taken tax-free.
IRAs are available as share accounts or certificates. You can even roll over funds from another financial institution. Click here for current rates, and stop by the credit union to open yours today.
Your money is safe here
Deposits to federal credit unions are insured up to $100,000 by the National Credit Union Share Insurance
Fund. IRAs are insured to an additional $250,000. This fund has been managed by the National Credit Union
Administration, a U.S. government agency, since 1970.
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