Individual Retirement Accounts (IRA)

Whether you're eyeing a comfortable retirement or aiming to secure a brighter future for your loved ones through education, we've got the IRA for you.

Types of IRA accounts

IRAs are accounts used to save funds for retirement or education expenses. We offer three types of IRAs:


  • Offers tax-deferred earnings and the possibility for tax-deductible contributions.
  • Contributions can be made if you earn compensation and will not reach age 70 ½ by the end of the year.
  • Earnings are not taxed until they are withdrawn.
  • The ability to defer taxes on the earnings, and to withdraw in a year when you may be in a lower tax bracket, can mean more after-tax dollars for your retirement.
  • Members under 70 ½ should consult with their tax advisors to avoid possible penalties.
  • The Required Minimum Distribution (RMD) age is currently 73.
  • The option to delay the first RMD payment in the year in which 73 years of age is met is available.

Roth IRA

  • Offers generous incentives to boost your retirement savings.
  • Contributions are NEVER tax-deductible.
  • Money in your Roth IRA, including earnings, can be withdrawn tax free.
  • You must conform to certain tax requirements to get this tax-free advantage.

Education IRA

  • Helps pay for your child’s education expenses, such as tuition, fees, books, supplies, and in some cases room and board and computers.
  • Contributions are NEVER tax deductible.
  • No taxes are due on withdrawals used for qualified higher-education expenses.
  • Contributions can be made until the child reaches 18.

The credit union does not offer tax advice. Please consult with a tax advisor.


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