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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, 2009 to make your 2008 payment. You may contribute $5,000 of your earnings for 2008 or up to $6,000 if you are age 50 or more. For tax year 2009, you may contribute up to $5,000 or up to $6,000 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 per year until a child reaches 18 years of age.
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 qualified 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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