Proper planning and preparation is key to enjoying your retirement. With your Credit Union, you can select the IRA that best fits your financial goals.
Traditional IRA
A Traditional IRA allows you to save pre-tax income for retirement. Tax payments are deferred until the money is withdrawn, giving you the benefit of earning compound interest on the larger untaxed amount. In addition, your contributions may be tax deductible.
The NCUA insures Traditional and Roth IRAs for $250,000 in the aggregate at each Credit Union.
Click here for more detailed information on Traditional IRAs.
Roth IRA
Contributions to a Roth IRA are made with after-tax income which allows you to withdraw the money without penalties or taxes anytime during or before retirement. Your earnings have tax-free interest, dividends and distributions, if money remains in the IRA for at least 5 years and is withdrawn for a qualified distribution.
The NCUA insures Traditional and Roth IRAs for $250,000 in the aggregate at each Credit Union.
Click here for more detailed information on Roth IRAs.
Coverdell Education IRA
A Coverdell Education Savings Account allows parents and students to save up to $2,000 of after-tax income per child, per year, and let it grow tax free for education expenses. Tax free growth means you won’t pay taxes on earnings from interest, dividends, appreciation, etc., if used for an eligible institution which include elementary, secondary, and post-secondary schools.
Click here for more detailed information on Coverdell Education Savings.
Please consult with your tax advisor for more information regarding tax implications.
All current and available dividends and fees are available in the Rates and Fees tab.
Membership with the Credit Union is required and open to all who reside, work, or worship in Chippewa County, Michigan.