IRA Accounts


Plan for a Financially Sound Future

Maximize your retirement savings with an Individual Retirement Account (IRA) from CCCU. Not only are your contribution maximums generous, but our Traditional and Roth IRAs are federally insured by the National Credit Union Association up to $250,000. We offer a range of choices, each with unique features and advantages.

Traditional IRAs

A Traditional IRA enables you to contribute funds and earn interest on them tax-free until you retire. It can be opened at any time, without the need to have your employer participate. You can always access the money in the account, but if you do so before age 59 ½, there is a 10% early distribution penalty. Exceptions include: disability, qualifying education expenses, unemployment, qualifying first-home purchases, death or receipt of your IRA assets in equal payments over your life expectancy.

Maximum allowed annual contribution$5,500
If you’re 50 or over by the end of 2023$6,500

Rollover option: If you’re changing jobs or retiring, roll your assets from your retirement plan [401(k), 403(b) and 457(b)] into a Traditional IRA.*

Roth IRAs

You contribute to a Roth IRA with money you have already paid taxes on, so the principal is never subject to taxes or penalties as long as you stay within the contribution guidelines. If you do not withdraw any of the earnings until you have had the plan for at least five years, or satisfy one of the qualifying events, those tax-deferred earnings become tax free. Unlike the Traditional IRA, there is no 70 ½ age limit on making contributions.

Maximum allowed annual contribution$5,500
If you’re 50 or over by the end of 2023$6,500

Coverdell Education Savings Account (ESA)

Education expenses can be some of the greatest expenses of a lifetime. A Coverdell Education Savings Account (ESA) will enable you help a child or children in your life pay tuition, whether it’s for college, elementary or high school. Withdrawals may be used to pay for tuition, books, supplies and room and board (for full time students).

ESAs are available to those whose modified adjusted gross income is less than $110,000 ($220,000 if filing a joint tax return). You can contribute up to $2,000* per year per child under age 18, and when the child turns 18, you can make no more contributions. Contributions to the account are not tax deductible and earnings accumulate tax-free.

If a child does not attend college, the money must be withdrawn by the time he or she turns 30. Those earnings are subject to income tax and a 10% penalty. The Coverdell Education Savings Account can also be rolled over without penalty to another member of the family.

*APY = Annual Percentage Yield. Not intended as tax advice. Please consult a tax professional before making decisions regarding your IRA.




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