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$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$6,500

Coverdell Education Savings Account (ESA)

Education expenses can be some of the greatest expenses of a lifetime. A Coverdell Educations 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If a child does not attend college, the money must be withdrawn by the time he or she turns 30.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.

IRA Certificates

These are Traditional and Roth Certificates purchased for a specified term, either 24, 36 or 60 months. Interest is paid at maturity. View current rates. Here are the terms:

TiersTerms
$5,00024 month
$10,00036 month
$25,00060 month
$100,000

One penalty-free withdrawal is allowed after you turn age 59 ½. Penalties for withdrawals prior to age 59 ½ are assessed as follows:

TERMDIVIDEND
24 month 60 days
36 month 90 days
60 month 90 days

*Contribution limits subject to change.

**You must meet Internal Revenue Code eligibility requirements. The Credit Union provides no legal advice to members and provides the foregoing information from a reliable resource to give our members a basic understanding of these services. You should consult with your tax or legal advisor regarding any particular and the current status of applicable federal and state laws.

***Rates:  Additional 25 basis points for all rollover contributions from other institutions. Upon maturity, the certificate will renew at the current offering rates. The same guidelines in the Deposit Account Policy apply to IRA Certificates.

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