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IRAs have recently gained popularity due to some new and exciting changes to the rules governing IRA accounts.
Your credit union offers all types of IRA accounts including the Traditional, Roth, and Educational IRA programs.
TRADITIONAL:
- A traditional IRA program is an account that allows you to defer taxes on your earnings until you withdraw the funds.
- Based on your personal tax situation, you may receive a tax deduction for this type of account.
- You can withdraw penalty free after age 59 1/2.
- You must start withdrawals at age 70 1/2.
ROTH:
- All earnings grow tax free.
- One of the benefits for some is the provision for "qualified distributions".
- There are no required distributions.
EDUCATION:
- This IRA allows you to save for upcoming educational expenses for your children.
- The maximum that can be deposited into a Education IRA is $500 per child annually.
- Earnings grow tax free, and you pay no taxes or penalties on the money withdrawn to pay for qualified higher education expenses.
Each Account Federally Insured up to
$250,000 by the National Credit Union Administration!
Click on the "Rates" link below
to check on the latest rates
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