Our Individual Retirement Accounts are a smart way to save for the future, whether it is for your retirement or your child's education expenses. You can also transfer an existing IRA to us from another institution.
Our experts can guide you to decide if a Traditional, Roth, or Coverdell Education Savings Account (CESA) is the best for your situation and goals.
For more information on a our IRAs please contact the Member Services Department at the nearest branch office.
A traditional IRA may provide you significant immediate tax savings, because contributions and/or earnings are tax-deferred until retirement. Roth IRAs differ from Traditional IRAs in that the money you contribute to a Roth IRA has already been taxed. So the principal amount is never subject to taxes or penalties in the future, as long as you stay within the contribution guidelines. This retirement plan allows the money you contribute to grow tax-deferred.
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
Saving for your little ones' education expenses with a Coverdell Education Savings Account (CESA), formerly Educational IRA, is a good choice. You may contribute a maximum of $2,000 per year per child until the student's 18th birthday. Contributions are not tax deductible, but earnings accumulate tax-free. Withdrawals from Educational IRAs can be used to pay for tuition, books, supplies and room and board (for fulltime students).