Retirement Accounts (IRAs)
IRAs are a great complement to your current retirement plan, such as a 410(k)
or pension plan. You are eligible to contribute to an Individual
Retirement Account if you have earned income.
- Dividends are either tax-deferred or non-taxed depending of the type of
IRA you open and your income.
- We offer an IRA Share Account that has no minimum balance required. Use
this account to build up enough funds to open a Share Certificate.
- An IRA Share Certificate Account has a minimum balance of $500 with terms
of 6, 12, 30 or 48 months.
- Direct rollovers from qualified retirement plans are allowed for an IRA.
You may contribute up to $5,500
annually or if youre age 50 or older, you can contribute up to $6,500 per year
as a "catch up" amount to maximize your retirement savings. (Consult your tax advisor about your personal situation.)
In some cases, deposits to this account may be tax deductible. There are no
minimum balances required to open an IRA Savings**; however, you must have
earned income to qualify*. An IRA Savings account is the smart way
to save for your future. Our Traditional IRA has federal tax advantages that
will help you accumulate your money faster. (Consult your tax advisor for federal
- Both IRA savings accounts and IRA certificates are available
- Earnings remain tax deferred until withdrawn*
- May be used for first-time home purchase or education*
- "Catch-up" contributions may be made for certain individuals*
To open your IRA, please contact us.
The Roth IRA** offers a non-deductible contribution but gives you the ability
to invest your after-tax dollars today, let the investment grow tax-free, and
withdraw your principal and earnings tax-free after five years and reaching
age 59 1/2. (Disbursements outside of the five year/age 59 1/2 rule may result
in tax and/or penalties on any earnings withdrawn.) You simply need to have
earned income equal to the amount you contribute up to a maximum amount set
each year. Dividend compounding can help your investment grow faster.
- Both IRA savings and IRA certificates accounts are available
- Funds can be used for higher education, penalty-free*
- Contributions in a Roth IRA have already been taxed
- There is no 70 1/2 age limit on making contributions
Coverdell Education Savings Accounts*
This IRA lets you save for a childs college expenses now. You can
contribute up to $2,000 per year per child. Earnings are tax-free if used for higher
education purposes for the beneficiary.
All share accounts are insured by the National
Credit Union Administration (NCUA), an agency of the U.S. Government,
up to $250,000. Individual Retirement Accounts are insured separately
up to $250,000 by NCUA.
*Please consult your tax advisor who can
evaluate your individual situation with regard to IRAs.