IRA/ROTH Savings

IRA/ROTH savings accounts are liquid accounts, which allow our member to make weekly, monthly, quarterly and/or annual contributions. The quality of your future may depend on how you invest today. Build your financial future with an Individual Retirement Account (IRA) or ROTH Savings Account. Choose the retirement account that is best for you. This plan offers tax deferred earnings and the possibility for a tax-deductible contribution, please consult your tax accountant for your eligibility.

Facts of an IRA account:

  • Contributions each year are required on or before the federal tax filing deadline.
  • The member must have earned income for the year that his/her contribution is being funded.
  • Contributions may be tax deductible.
  • An IRA cannot be jointly owned, however beneficiaries may be named.
  • After the age of 59 ½, withdrawal penalties are not imposed.
  • After the age of 70 ½, you will be required to make annual distributions.

IRA/ROTH Certificates of Deposit

IRA/ROTH certificates of deposit have a fixed maturity date, fixed interest rate, automatically renew and can be opened with a minimum contribution of $500.00. Dividends are posted monthly. If there is a need for an early withdrawal, a penalty will be imposed based on the term of the IRA/ROTH certificate. The penalty will range from 90 days to182 days of interest loss and could affect the principal investment. There may also be tax penalties for certain distributions. IRA/ROTH certificates of deposit are insured by the NCUA up to $250,000.00 per individual. IRA/ROTH certificates of Deposit have investment terms from 6 months to 24 months. Invest in your future retirement!

Facts of a ROTH account:

  • ROTH contributions are not tax deductible.
  • Qualified distributions may be tax-free, please consult your tax accountant for details.
  • Contributions can be made to a Roth after the age of 70 ½.
  • Contributions to the ROTH may remain in the ROTH investment for your lifetime.
  • A ROTH account must be designated at the time of the first contribution.