IRA Overview
Individual Retirement Accounts (IRAs) are a powerful tool to help build your retirement savings. IRAs offer either tax-deferred or tax-free earnings growth until they are distributed, and some contributions may be tax-deductible as well. Over time, these special tax features can result in significantly larger savings than what you could achieve with ordinary savings accounts.
- Traditional IRAs offer the possibility of tax deferment, with earnings remaining tax-sheltered until withdrawn. Your contributions may be fully or partially tax-deductible, depending on your income level.
- Roth IRAs provide for IRS penalty-free and tax-free withdrawals on all qualified distributions and certain earnings. Contributions are not tax-deductible, but withdrawals after age 59½ are tax-free if the funds have been in the account for at least five years.
- Coverdell Education Savings Accounts help parents and others save for a child’s education expenses—kindergarten through higher education. Contributions are non-deductible, earnings are tax-deferred, and distributions are tax-free when withdrawn for qualified education purposes.
SchoolsFirst FCU also offers IRA Certificates
Although investment IRAs may provide greater potential returns, they are not federally insured and have no guaranteed rate of return.
IRA Certificates offer a fixed rate for a specific term and are federally insured up to $250,000—
Learn more.
You can potentially maximize your tax savings by selecting the IRA that is right for you. As with any retirement plan, we encourage you to check with your tax advisor or discuss your retirement needs with one of our
financial advisors.
*Representatives are registered, securities are sold, and investment advisory services are offered through CUNA Brokerage Services, Inc. (CBSI), member
FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value, and are not obligations of or guaranteed by SchoolsFirst FCU. CBSI is under contract with SchoolsFirst FCU, through the financial services program, to make securities available to Members.
CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty states of the United States of America.
