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June 29, 2022

Retirement Planning

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We offer Traditional, Roth, and Roth Conversions.  In many cases, our IRAs can save you money because the earnings are tax deferred, tax deductible, or tax-exempt.  You should always consult a tax advisor to determine your eligibility.

Contributions to your IRA Account are permitted within the IRA regulations (some limitations apply).  Transfers, Rollovers, Direct Rollovers and Conversions are available.

A withdrawal from the account, if under 59.5 years of age is subject to IRS penalty.  Early withdrawal results in a penalty on principal amounts (some exceptions may apply).

These retirement accounts are insured to $250,000 separately from any other shares you may have at the same credit union.  The higher coverage took effect on April 1, 2006.

Traditional IRA

This IRA is the original type that began in  1975.  It is designed so that contributions can be made tax-free and taxed when utilized in retirement.

Roth IRA

This IRA, beginning up 1998, allows for post-tax contributions and tax-free earnings, if certain criteria are met.

Coverdell ESA, etc  (formerly Education IRA)

The designated beneficiary must be an individual under the age of 18.  The age 18 limitation will not apply to any designated beneficiary with special needs.

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