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IRA Accounts
The Credit Union offers six types of IRA accounts.
 | IRA Share Savings Account |
| IRA Share Certificate Account |
| Roth IRA Savings Account |
| Roth IRA Certificate Account |
| Coverdell Educational IRA Savings |
| Coverdell Educational IRA Certificate Account |
IRA and ROTH Accounts
| In order to contribute to an IRA, an individual must
meet the eligibility requirements. If you're saving for retirement using
an IRA, you have until April 15, 2005 to make your 2004 payment. You may
contribute up to $3,000 of your earnings for 2004 or up to $3,500 if you
are age 50 or more. For tax year 2005, you may contribute up to $4,000
or up to $4,500 if you are age 50 or older. |
| The terms of maturity can be 18, 30, or 60 months. |
| The Roth IRA is funded solely by after-tax contributions and offers
the possibility of tax-free earnings. |
| The Roth IRA appeals both to those who are not able to deduct their
traditional IRA contributions because of their income level and to
younger investors who are a little skittish about "locking
away" their money until age 59 1/2. |
| Usually the earnings from contributions to IRAs represent a better
performing savings vehicle for retirement because of tax deferrals. |
| Credit Union loans to qualified borrowers
are available to fund your IRA account. |
Coverdell Educational IRA Certificate
| There is a minimum deposit of $500 and maximum of
$2,000 for one child. |
| The terms of maturity are 18, 30, or 60 months. At maturity, renewal
is at your discretion. |
| Coverdell Educational IRAs differ from the Roth IRA because they are custodial
accounts or trust accounts with a specified purpose for the funds. |
| Coverdell Educational IRAs are exclusively to provide funds for the higher
education expenses of a child. |
NOTE: Consult your tax advisor to
determine your specific needs, then come to NCFCU. We look forward to
serving you!
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