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TRADITIONAL IRAS & ROTH IRAS

It's time to start thinking about your future.

Traditional and Roth IRAs are convenient, tax-advantaged ways to increase your retirement savings and are popular for a reason.* Both Traditional IRAs and Roth IRAs offer flexibility and allow you to withdraw money whenever you want, unlike employer-sponsored retirement plans. These accounts are also insured to an additional $250,000 by the NCUA.

Traditional IRA

  • Traditional IRAs deduct tax up front when the contribution is made
  • Upfront deductions may be able to reduce your overall tax bill*
  • Required minimum distributions starting at 70 ½ years old
  • Distributions vary depending on age, starting at 59 ½ years old

Roth IRA

  • Contributions are not tax-deductible, but future earnings and capital gains accumulate tax-free
  • Investments in Roth IRA remain tax-free as long as they remain in the account
  • No Required Minimum Distribution
  • Distributions from your Roth IRA may be tax free if your account has been open for over five years and you are older than 59 ½ years old
  • Additional 10% may apply to distributions made before that age unless an exception applies

Coverdell Education Savings Account

Coverdell Education Savings Accounts (ESA) are a type of savings account that can help you save for your children’s (or grandchildren’s) education expenses. With a Coverdell, you can make annual contributions per child until the child reaches 18 years of age. Investments can be withdrawn to pay for qualified education expenses while the child is enrolled in an eligible educational institution, including elementary, secondary, or post-secondary schools. Withdrawals are tax free. Qualified expenses include:

  • Tuition
  • Fees
  • Books
  • Supplies
  • Equipment
  • Computers
  • Tablets
  • Room and Board

View all of our IRA Rates.

 

*Consult your tax advisor regarding potential tax benefits.
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