An IRA is a federally-regulated, special savings account that allows you to save for your retirement years while enjoying tax-deferred benefits now.
Traditional IRA earnings are tax-deferred.Withdrawals can be made without penalty after age 59 1/2 when most people are in a lower tax bracket, so the tax savings can be considerable.
Traditional IRA contributions could be tax-deductible! If you do not participate in an employer-sponsored retirement plan and depending on your income, you could deduct your annual IRA contribution. If you are covered by an employer-sponsored plan, your IRA contributions could still be fully or partially deductible. Talk with your tax advisor about your personal tax benefits.
Traditional and Roth
- Contributions may be made until April 15th of each year for the previous year
- Contributory, Spousal, Direct Transfer, Rollover, and Direct Rollover
- IRA Share Savings to build your IRA funds
- IRA Term Share Accounts with certificates issued for 1, 2, or 3 year terms
- IRAs are insured separately from other savings and checking accounts by the NCUA for up to $250,000
- There is NO IRA administration fee
Coverdell ESAs
- Total contribution amount is $2,000 per child
- Contributions can be received up to one day before the child reaches the age of 18 years
- All funds must be disbursed before the individual reaches the age of 30 years or transferred to another family member under the age of 18 years
- Finance elementary, secondary and post-secondary education expenses
- Qualified expenses include: tuition, fees, books and equipment required for enrollment or attendance at nearly any public, not-for-profit or proprietary school
- Potential for tax-free earnings, similar to a Roth IRA
- Since they are for school – not retirement, qualified distributions to finance education are permitted at younger ages
- IRAs are insured separately from other savings and checking accounts by the NCUA for up to $250,000
How can we help you achieve your dreams today?
We want to be your partner in achieving financial dreams, so please contact us by phone at 817.273.5900, through email or stop by one of our branch locations for additional information about Security One.
