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IRAs

 

Retirement Services

We have a full range of IRA products available, from Passbooks to Certificates, Traditional to Roth. We can even help you move your existing retirement so you can keep it all in one place. We often recommend that you meet with a financial professional about your retirement funds, and it just so happens we have a no-cost, no-obligation Financial Consultant on site. It’s also a good idea to consult with your tax professional before making any big decisions about retirement funds.

See all IRA dividend rates on our Share Rates page.

IRA Products

IRA Passbooks

Invest in your retirement with this flexible savings account. There is no minimum investment and the IRA Passbook is available as either a Traditional or Roth IRA. We will pay dividends on a monthly basis.

IRA Certificates

Secure valuable retirement money with our IRA Share Certificate. Your minimum investment is only $1,000 and we have terms available from 6 months to 5 years. The IRA Certificates are also available as Traditional or Roth IRA. On our 3, 4, and 5 year IRA Certificates you can also make annual add-on deposits up to maximum annual contribution amount allowed by IRS. On these certificates, dividends will be paid quarterly and will automatically renew upon maturity.

For fee information, speak with an IRA Specialist or refer to IRA Plan opening documents.

What’s the difference between Traditional and Roth?

An individual retirement account (IRA) provides income tax advantages—now or later. With the magic of compound interest, your savings can grow through the years.

With an IRA, you can invest your money in a variety of savings and investments such as CDs (share certificates), mutual funds, and individual stocks and bonds.

You can have more than one IRA, even two accounts of the same type. But the more you have, the more you have to manage, so experts recommend keeping the number of accounts to a minimum. Rollovers also are possible from one IRA into another.

Here’s an IRA summary. For more information, contact us to talk with an IRA specialist or contact your tax professional.

Traditional IRA

  • Offers tax-deferred earnings and possibly tax-deductible contributions if you meet the requirements. If you and/or your spouse actively participate in an employer-sponsored retirement plan, you can deduct contributions only if your income is below certain limits. If neither you nor your spouse participates in a retirement plan, your traditional IRA contribution is deductible regardless of income. Ask a qualified tax advisor for details.
  • You can contribute if you earn compensation during the year and you will not reach age 72 by the end of the year. If you file a joint tax return, you may be able to make contributions based on your spouse’s compensation.
  • You can contribute to an employer-sponsored retirement plan, a traditional IRA, and a Roth IRA in the same year. But the total of your contributions to all these plans cannot exceed your IRA contribution limit for the year.
  • When you withdraw from a traditional IRA, your withdrawal generally will be treated as taxable income.
  • If you make a withdrawal before age 59½ you generally must pay a 10% tax on early distributions. There are exceptions, so ask a qualified tax advisor before making a withdrawal.
  • You must begin taking required minimum distributions at age 72.
  • If you have already begun your Minimum Required Distribution in 2019; you will need to continue withdrawing it each year.

Roth IRA

  • Contributions are not tax-deductible; however, you eventually can withdraw contributions and earnings from a Roth IRA tax-free.
  • To contribute to a Roth IRA, your modified adjusted gross income must meet income limits that change year to year. See irs.gov for specific amounts.
  • You can withdraw funds tax-free before retirement under certain conditions: if your funds have been in your account for at least five years and you’re older than age 59 ½, you buy a first-time home, or if you become disabled or die.
  • You’re not required to receive distributions during your lifetime. You can let your money continue to grow tax-free for as long as you like. Your beneficiaries can then spread distributions out over their lifetimes.

IRA contribution limits

  • If eligible, you have a combined contribution limit of $6,000 to both types of IRAs for 2020.
  • Those ages 50 and older have a catch-up deal — you can contribute an extra $1,000 a year.
  • See our Financial Consultant, Steve, for more info on how these increases can affect your retirement savings.
  • Visit www.IRS.gov for tons of great information on contribution amounts and rules concerning IRA accounts. 
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