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IRAs

The Credit Union's Traditional IRA is a savings plan authorized by the Federal Government, which allows you to accumulate funds to help you prepare for a comfortable and secure retirement.

The tax-deferred funds can be withdrawn any time after age 59 ½ without penalty. Withdrawals must begin by April 1st following the year in which the participant reaches the age of 70 ½.

Because the IRS does not tax dividends earned on IRAs until withdrawn, the investment grows faster through the effects of tax-deferred compounding. Also, your IRA contributions may be wholly or partially deductible, which means fewer taxes. (Please refer to your professional tax advisor.)

Traditional IRA investment options include IRA Share Accounts and fixed rate IRA Share Certificates.

In addition to a Traditional IRA, the Credit Union offers Roth IRAs.

The Credit Union's Roth IRA allows contributions to be taxed, but all withdrawals, including earnings, are tax-free if the account has been open for five years and the account holder is 59 ½ or older.