IRAs

It's never too early to plan for your retirement or your children’s education expenses. Making regular deposits to your IRA through payroll deduction is convenient and can help ensure your accustomed lifestyle after retirement. Choose from our Traditional, Roth, or Coverdell Education Savings (IRA) programs. Each IRA has different rules regarding deposit amounts, income levels, and draw periods.

Traditional IRA

A Traditional IRA is an individual retirement arrangement that allows you to save for retirement. The Traditional IRA is a powerful tool in creating a balanced, long-term savings plan. You are eligible to contribute to a Traditional IRA if:

  • You (or your spouse if filing a joint tax return) earn compensation from employment
  • You have not reached age 70 ½ before the end of the year.

You can always withdraw your assets at any time from your Traditional IRA. You may be subject to an IRS penalty tax if you withdraw from your IRA before you are age 59 ½, please consult with your tax advisor prior to making contributions and withdrawals to your IRA.

Roth IRA

A Roth IRA is an individual retirement arrangement that offers a boost to your retirement savings. The money you contribute to your Roth IRA can be withdrawn at any time, but please consult your tax advisor prior to making contributions and withdrawals to your Roth IRA. You are eligible to contribute to a Roth IRA if:

  • You (or your spouse if filing joint tax return) earn compensation from employment
  • Your earned compensation (or you and your spouse’s combined compensation if filing a joint tax return is less than or within the applicable IRS limits.

You can always withdraw your assets from your Roth IRA. You must meet two requirements to qualify for withdrawals of earnings from your Roth IRA. First, five years must have passed since the first year for which you made Roth contributions. Second, one of the following conditions must apply.

  • You are age 59 ½ or older
  • You are disabled
  • You are using the money a first-time homebuyer
  • You are deceased

Coverdell Education Savings (IRA) Account

A Coverdell Education Savings Account can help you save for a child’s education expenses, such as tuition, fees, books, supplies, equipment, and, in some cases room and board.  The maximum contribution of $2,000 each year per child under the age of 18, with limitations based on income.

Please consult your tax advisor to determine if contributions are tax deductible, and for other limitations associated with IRAs.

Member deposits are federally insured to at least $250,000 by the National Credit Union Administration (NCUA) a U.S. government agency. This insurance applies to the total funds you have in your share savings, share draft, and certificate of deposit accounts. In addition, retirement accounts are covered separately up to $250,000.