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IRA & ESA Accounts
     

An Individual Retirement Account (IRA) is an excellent tool for retirement savings. Unlike most investments, depending on the type of IRA you choose, contributions may be tax deductible and will grow either tax-deferred or tax-free.

Your tax adviser can offer more guidance on which type of IRA may be best for your needs. Of course, we are always here to answer your questions and assist you with opening an IRA. Please stop by or call us today for more information on the benefits of a credit union IRA.

  • Traditional IRA
    Contributions are fully tax deductible if you don't actively participate in an employer retirement plan. Otherwise phase-out rules apply. Investments grow on tax-deferred basis. Earnings are taxed only upon withdrawal. Traditional IRAs are more attractive than ever because expanded income limits mean more people will be able to make tax-deductible contributions. In addition, penalty-free withdrawals are allowed for qualified medical and higher education expenses and for a first-time home purchase.*
  • Roth IRA
    As long as you have earned income, you can establish and contribute to a Roth IRA even after age of 70½. While contributions are not tax deductible, contributions and earnings can be withdrawn tax-free, and you are not required to begin mandatory distributions after reaching age 70½. By converting your traditional IRA to a Roth IRA, you can enjoy tax-free withdrawals. However, the amount you convert is subject to income tax now.*
  • Coverdell Education Savings Account (ESA)
    ESA's allow you to put away up to $2,000 per year per beneficiary for higher education expenses, earning interest tax-free. While there is no tax deduction for the amounts contributed to an ESA, earnings grow tax-free. Your ESA can be used to pay qualified elementary, secondary school and higher education expenses. For more in-depth information go to the IRS Publication 970.
  • Rollover Contributions
    Make sure your retirement plan doesn't get burned when you change jobs or retire. Just rollover you retirement savings into an IRA with United Poles FCU. You can have the funds directly sent to our Credit Union from your employer's plan administrator. If you'd like a cash payout instead, remember that the distribution is subject to penalty- up to 20% federal withholding (ask you tax advisor for details).
Retirement Savings Calculator - Click Here.
 
 
       
 
 
       
 
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