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Individual Retirement Account -IRA
Investing in an IRA provides flexibility for your changing financial needs. IRAs are no longer just a savings plan to supplement your retirement needs, but can also be used for a first-time home purchase or even qualified college education expenses. Existing IRA funds may even be transferred from another financial institution to Red Crown Credit Union. Or do an IRA Rollover with your retirement from a company-qualified plan into a Traditional IRA. IRA Term Share Certificates (CDs) are also available.
Traditional IRAs bring you significant upfront tax advantages with the power of compound earnings strengthened.
- Earnings are tax-deferred
- Contributions are tax-deductible if you qualify
- Withdrawals are taxable
Click here to read "The Benefits of Traditional IRAs". Roth IRAs offer unique and exciting savings opportunities. Roth IRAs give many members an easy and safe way to plan for the future.
- Earnings are tax exempt
- Contributions are not tax-deductible
- Qualified distributions are tax-free
- Flexible withdrawal options are available
Click here to read "The Benefits of a Roth IRA". Coverdell Education Savings Accounts (ESA) are available to help you pay for your child’s education expenses, such as tuition, fees, books, supplies, equipment, and in some cases, room, board and computers.
- Qualified elementary and secondary education expenses may be paid
- Earnings grow tax-free if distributions are used for qualified education expenses
Click here to learn more about the Coverdell ESA. CD & IRA Rates
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