Skip to main content

IRAs

Traditional IRAs | Roth IRAs | Educational IRAs | FAQs

Individual Retirement Accounts (IRAs)

Of course when it’s time to retire, you’ll be ready… will your account be? Whether you’re planning to move up north, travel around the world or begin saving for your child’s college education, consider an Individual Retirement Account (IRA) and start saving today - for tomorrow.


Traditional IRAs

Traditional IRAs offer tax-deferred earnings,* and the possibility for tax-deductible* contributions. These tax advantages make the Traditional IRA a powerful tool in creating your balanced, long-term savings plan.

  • Contributions may be tax-deductible* and earnings are tax-deferred.*
  • IRA owners can make regular contributions up until the tax year in which they attain age 70 ½, when they have earned income.*
  • Allowable annual contributions are up to $5,500 for under age 50 and an additional $1,000 Catch-up limit for age 50 and over.

*Consult a tax professional regarding the tax advantages of IRAs.


Traditional IRAs

Investment options are Shares and Term Shares (CD). All IRA eligibility restrictions and requirements apply.

NCUA Insurance Coverage
NCUA insurance coverage for IRAs is up to $250,000 on combined accounts.


Roth IRAs

Unlike Traditional IRAs, your contributions to a Roth IRA are not tax-deductible, however:

  • Anyone with earned income may be eligible to contribute*.
  • Allowable annual contributions are up to $5,500 for under age 50 and an additional $1,000 Catch-up limit for age 50 and over.

The money in your Roth IRA, including earnings, may be eligible to be withdrawn tax-free.*
*Consult a tax professional regarding the tax advantages of IRAs.


Answers to Your Questions
Moving into a Roth IRA
Taking a Closer Look at Eligibility

Investment options are Shares and Term Shares (CD).
All IRA eligibility restrictions and requirements apply.

NCUA Insurance Coverage
NCUA insurance coverage for IRAs is up to $250,000 on combined accounts.


Educational IRAs

Education IRAs, also known as Coverdell Education Savings Accounts, are a tax-favored tool for parents to save for their child’s education expenses:
In some cases, room and board is also a qualified expense. Education IRAs can be used for private elementary or secondary school expenses as well as for college and higher education.

  • Distributions may be tax-free.*
  • An Education IRA can be established for any child under age 18.
  • Allowable contributions up to $2,000 annually.

Unlike Traditional IRAs, your contributions to an Education IRA are not tax-deductible. However, an Education IRA offers you the potential for tax-free* withdrawals including earnings.

*Consult a tax professional regarding the tax advantages of IRAs.


Answers to Your Questions

Investment options are Shares and Term Shares (CD)

All IRA eligibility restrictions and requirements apply.

NCUA Insurance Coverage
NCUA insurance coverage for IRAs is up to $250,000 on combined accounts.


FAQs

How would I open an IRA?
Reach out to us and we’ll help you get started.

Do you offer other savings options?
Absolutely! We offer a number of savings options and we’d be glad to help you find the right solution for you. Reach out to us and we’ll help you get started.

Do you currently offer financial planning?
We highly recommend the services of LPL Financial .

Have another question in mind?
We’re happy to help you! Contact Us.

Exploring Your IRA Options
Growing Your Savings During Every Stage of Life
Rolling Your Way to Retirement