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Individual Retirement Accounts (IRAs)

IRAs are a great complement to your current retirement plan, such as a 410(k) or pension plan. You are eligible to contribute to an Individual Retirement Account if you have earned income.

  • Dividends are either tax-deferred or non-taxed depending of the type of IRA you open and your income.
  • We offer an IRA Share Account with minimum balance requirement, that allows you to build up enough funds to purchase an IRA Share Certificate.
  • An IRA Share Certificate Account requires a minimum balance of $500 with a term of 12, 30 or 48 months.
  • Direct rollovers from qualified retirement plans are allowed for an IRA.

You can contribute up to $5,500 annually, or if you’re age 50 or older, you can contribute up to $6,500 per year, as a "catch up" amount to maximize your retirement savings. (Consult your tax advisor about your personal situation.)

Traditional IRAs*

In some cases, deposits to this account may be tax deductible. There are no minimum balances required to open an IRA Savings account**; however, you must have earned income to qualify*. Whether you are planning your golden years or saving for your first home, an IRA Savings account is the smart way to save for your future. Our Traditional IRA has federal tax advantages that will help you accumulate your money faster. (Consult your tax advisor for federal tax benefits.)

  • Both savings accounts and certificates are available
  • Earnings remain tax deferred until withdrawn*
  • May be used for first-time home purchase or education*
  • "Catch-up" contributions may be made for certain individuals*

To open your IRA, please contact us.

Roth IRAs*

The Roth IRA** offers a non-deductible contribution but helps you invest your after-tax dollars today, lets the investment grow tax-free, and allows you to withdraw your principal and earnings tax-free after five years and reaching age 59 1/2. (Disbursements outside of the five year/age 59 1/2 rule may result in tax and/or penalties on any earnings withdrawn.) You need to have earned income equal to the amount you contribute up to a maximum amount set each year. Dividend compounding can help your investment grow faster.

  • Both IRA savings and IRA certificates are available
  • Funds can be used for higher education, penalty-free*
  • Contributions in a Roth IRA have already been taxed
  • There is no 70 1/2 age limit on making contributions

Coverdell Education Savings Accounts*

This IRA lets you save for a child’s college expenses now. You can contribute up to $2,000 per year per child. Earnings are tax-free if used for higher education purposes for the beneficiary.

Share Insurance

All share accounts are insured by the National Credit Union Administration (NCUA), an agency of the U.S. Government, up to $250,000. Individual Retirement Accounts are insured separately up to an additional $250,000.

*Please consult your tax advisor who can evaluate your individual situation with regard to IRAs.