Retirement Accounts

Retirement Accounts

The Basics

The best time to plan for the future? Right now, while you're still earning income. Don't let your retirement dreams fizzle out from poor planning. Start savings now, and relax during your golden years.

We offer Traditional and Roth IRAs, depending on your financial situation. And for your kids looking to go to college one day, we offer Coverdell educational savings accounts, another tax-advantaged* way to save.

  • Tax-advantaged* way to save for retirement
  • Choose between Traditional and Roth
  • No set up or annual fees
  • $5,500 annual contribution limit
  • $1,000 "catch-up" contribution allowed for ages 50+
  • Choose from 6-60 month terms
  • $25 minimum opening deposit required for an IRA share
  • $500 minimum opening deposit required for an IRA certificate
  • Your savings are Federally insured up to $250,000 by NCUA

*Consult a tax advisor.

View our current rates.

Traditional vs. Roth

Traditional IRA

  • No income limits to open
  • No minimum contribution required in any year
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal
  • Withdrawals may begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

Roth IRA

  • Income limits to be met before contributing to a Roth IRA
  • Contributions are NOT tax deductible
  • Earnings are 100% tax and penalty free upon withdrawal*
  • Original contributions can be withdrawn tax and penalty free anytime for any reason
  • Early withdrawal of earnings on contributions may be tax and penalty free**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income
  • All withdrawals are tax free if you are over 59 ½*

*Subject to certain conditions. Consult a tax advisor.

** Based on having the ROTH for 5 years or longer and being disabled or purchasing a first home. Consult a tax advisor.

Coverdell

A Coverdell ESA is a trust or custodial account set up for the purpose of paying the qualified education expenses of the designated beneficiary. Formerly called an Education IRA, the Coverdell ESA allows money to grow tax deferred.

  • Distributions are tax-free if used for qualified higher education expenses or qualified elementary and secondary education expenses
  • Qualified expenses are expenses required for the enrollment or attendance of the designated beneficiary at an eligible educational institution. Expenses include tuition, books, uniform, etc.
  • Total maximum contribution per year for any single beneficiary is $2,000
  • The contribution is made before the beneficiary reaches age 18, unless the beneficiary is a special needs beneficiary
  • The balance in the account generally must be distributed within 30 days after the earlier of the following events
  • The beneficiary reaches age 30, unless the beneficiary is a special needs beneficiary
  • The beneficiary's death.

*Above Subject to certain conditions. Consult a tax advisor.