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Whether you select a Traditional or Roth IRA it's important to start saving for retirement early and remain consistent. You can begin saving for a comfortable future no matter what stage of life you're currently in.
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There are advantages to both Traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
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Create an easier transition into college for yourself and your student by setting up a savings account early. A Coverdell Education Savings Account (ESA) provides a tax-free safe place to grow competitive dividends and also financial confidence for a new stage in life.
Who can open a Roth IRA?
Anyone who has earned income.
When can withdrawals be made from the account?
Contributions can be withdrawn any time. Earnings may be withdrawn tax free provided the account has been opened at least five years and one of the above listed qualifying circumstances exist.
Withdrawals may be made penalty-free after the owner is age 59 ½, or for qualified higher-education expenses, disability, qualified medical expenses exceeding 7.5% of income, payments to beneficiaries upon the owner’s death, or payment of health insurance premiums while unemployed.
How much can be contributed to the Coverdell ESA?
Contributions to a Coverdell ESA are limited to maximum of $2,000 per year beginning in 2002. Contributions are not allowed once the beneficiary of the Coverdell ESA reaches 18 years of age. Contributions are not allowed in any year that contributions to a state tuition program for the same IRA beneficiary are made.
What are the benefits of the Coverdell ESA?
Withdrawals for qualified higher-education expenses are tax-free. Funds can be transferred from one child’s account to another child in the family.
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Our competitive dividends can help your savings grow faster.
There is NO minimum deposit required to open an IRA account.
$1,000 "catch-up" contribution for ages 50+.
Simply click here to get started.
No worries - becoming a member is easy! Simply click here.
If you have any questions or problems with applying, please contact us.
A Member Service Representative will be in contact for additional verification and further instructions.
It's that simple and easy! Now you can manage your account, make contributions, and watch your savings grow.
Should you have any quesitons or need any assistance, simply contact us and a Credit Union representative will follow up with you in no time.
DISCLAIMERS
*APY = Annual Percentage Yield. Membership eligibility required. Rates are subject to change without notice. Contact the credit union for full details. Insured by NCUA.
Traditional IRA is subject to an early withdraw penalty
Roth IRA is subject to an early withdraw penalty
Fees: There are no service fees.
1Subject to some minimal conditions. Consult a tax advisor.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3Consult a tax advisor.
4Qualified expenses include tuition and fees, books, supplies, board, etc.
5Consult your tax advisor to determine your contribution limit.
6Those earnings are subject to income tax and a 10% penalty.