Individual Retirement Accounts (IRA)
Backaches notwithstanding, your retirement years should be some of your best. We’ll help you make them golden with an IRA.
Really High Dividends
No Monthly
Maintenance Fees
UCCU IRA Advantages
- Competitive dividends above standard savings rates
- Traditional and Roth IRA options
- Coverdell ESA also available
- No setup fees
- No monthly or annual maintenance fees
- $6,000 contribution limit per year
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs within IRA
- No minimum deposit to open
- Truth in Savings Dividends Disclosure
- Truth in Savings Interest Disclosure
Comparing Traditional and Roth IRAs
|
Traditional IRA |
Roth IRA |
|---|---|
|
No income limits to open |
Income limits to be eligible to open Roth IRA3 |
|
Contributions are tax deductible on state and federal income tax1 |
Contributions are NOT tax deductible |
|
Earnings are tax-deferred until withdrawn (when usually in lower tax bracket) |
Earnings are 100% tax-free at withdrawal1 |
|
Withdrawals can begin at age 59½ |
Withdrawals can begin at age 59½ |
|
Early withdrawals subject to penalty2 |
Early withdrawals subject to penalty2 |
|
Mandatory withdrawals at age 70½ |
Mandatory withdrawals at age 70½ |
1. Subject to some minimal conditions. Consult a tax advisor.
2. Certain exceptions apply, such as healthcare, purchasing a first home, etc.
3. Consult a tax advisor.