We want to help you plan for your golden years easily, conveniently, and regularly. We have discovered that those who begin retirement funding early and contribute on a regular basis are in the best position to enjoy many years of worry-free retirement. Saving seems easier too, because early savers can actually put away less each month than those who postpone saving and have to play catch-up.

Individual Retirement Accounts (IRAs) are an excellent retirement tool because of the tax advantages. The credit union offers traditional IRAs as well as Roth and Educational IRAs. Traditional and Roth IRAs have a combined contribution limit of $5,000.00 per year. Educational IRAs have a $2,000.00 per year limit.

TRADITIONAL IRAs:

• All income taxes on dividends are deferred until you reach the age of 59 ½.

• Deposits may be tax deductible.

• Penalties apply for early withdrawal (there are certain exceptions).

ROTH IRAs:

• Deposits are not tax deductible.

• No penalty for early withdrawal.

• Earnings can be withdrawn tax-free at age 59 ½.

• Earnings are tax free

• Withdrawals are tax free provided that the funds are used for a higher educational purpose.

Please consult your tax advisor to see if this right for you.