The Traditional IRA
A Traditional IRA plan offers three basic benefits: security for your retirement years; tax-deferred interest until you withdraw your funds (as early as age 59 1/2); and a possible deduction from annual gross income on your federal income tax return.*
At United, you can also count on:
- High rate of return on your investment
- Competitive interest on even the smallest IRA balance
- Convenience of payroll deduction for easy contributions
- IRAs are separately insured to $250,000 by the NUCA.
You can deposit any amount into your IRA Share Account, and you may even be able to roll this investment into an IRA Certificate or Money Market Account for an even greater return.
In addition to the traditional IRA, United Credit Union also offers the Roth IRA & Education IRA*;
The maximum yearly contributions per individual to all IRAs is $5,000 plus an additional $1,000 "catch-up" contribution for those owners age 50 and older. (Not including Coverdell Education Savings Account or roll-over contributions).
The Roth IRA
With the Roth IRA, you may withdraw your contributions tax-and penalty-free at any time. Earnings may be withdrawn tax-and penalty-free under a variety of conditions. Additionally, contributions are allowed after age 70 1/2 as long as you earn income.
The Coverdell Education Savings Account
The Coverdell Education Savings Account allows you to contribute until the beneficiary reaches age 18. It allows you to withdraw your contributions tax-and penalty-free if used to pay for the beneficiary's tuition or qualified educational expenses. You can also transfer funds from one child's account to another child in the family. Annual contributions to all Education IRAs opened on a child's behalf must not exceed $2000.
*Consult the credit union for further details and a tax specialist to see if your IRA investment qualifies as a tax deduction.
- No minimum balance is required for the Traditional IRA share savings.
- No monthly fees.
- Contributions may be made in "lump sums" or by regular deposits to the IRA Share throughout the year.
- Dividends on IRA Shares are paid quarterly.
- IRA Share Certificates are also available with a minimum deposit of $500 and terms of 12 and 60 months. Interest on IRA Certificates is paid monthly.
- For Current IRA and IRA Share Certificate rates, check out our rates.
- To compare IRA Features, check out this Quick Comparison Chart.
Additional Information Links
For more information on how to open an Individual Retirement Account, contact us at firstname.lastname@example.org