The credit offers IRA (Individual Retirement Accounts) for your convenience. There is the Traditional or Roth IRA for you to choose.
The Traditional IRA offers tax-deferred earnings and possibly tax-deductible contributions. You can contribute to a traditional IRA if you earn compensation and you will not reach age 70 1/2 by the end of the year.
With a Roth IRA, your contributions are never tax-deductible. The money in your Roth IRA, including earnings, can be withdrawn tax-free.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. You are eligible to contribute to a Roth IRA if you earn compensation and your income is less than the limits set by Congress.
Although our IRA accounts earn a higher dividend than regular shares, both types of IRA’s may be put into a Certificate of Deposit to earn a higher rate of return.
Contact one of our IRA specialists at the credit union for more details about our IRA’s.