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SAVING TODAY FOR TOMORROW
Updated 9/14/06
Which to choose? How much to save?
Legislative changes in IRAs have vastly expanded your IRA options. And here at UnitedOne Credit Union, we're ready to tackle your questions and explain your options both in person and through dependable informational brochures. Feel free to ask questions. Our staff are well trained and up-to-date on recent changes. Also, we encourage you to contact a tax advisor to ensure you're choosing the best option for your situation.
Your IRA options at UnitedOne Credit Union include: Roth IRAs, Education IRAs (now called Coverdell Education Savings Accounts), and Traditional IRAs. Each has its own unique list of benefits and guidelines. Check out our IRA calculators below for some guidelines on your road to retirement. Check Rates anytime.
ROTH IRAs
Roth IRAs are proving to be the best thing that happened to IRAs in years! Here are the basic advantages of Roth IRAs at UnitedOne:
Your Roth IRA options at UnitedOne include 1, 2 and 4 year certificates and an Open Savings account. An Open Savings Roth IRA may be opened with just $5. The Open Savings works great with payroll deduction or automatic transfers because they allow your account to build up regularly over time. Just ask how to arrange this convenient service.
Traditional IRAs may often be rolled over into a Roth IRA, certain rules and penalties apply. Please ask for details or contact your tax advisor. Link to our Rates page for rate information.
COVERDELL EDUCATION ACCOUNTS
New within the past couple years, Coverdell Education Accounts (formerly called Education IRAs) offer you an easy way to set aside money for any child's future education expenses. Open a Coverdell account at UnitedOne in the form of either a 1, 2 or 4 year certificate, or an Open Savings Coverdell account (no term). Start an Open Savings account today with just $5. This account also works great with payroll deduction or automatic transfers which allow the account to build up regularly over time.
The maximum that may be contributed each year for any one child is now $2,000. Withdrawals for qualified higher education expenses are not taxed, and contributions are not tax deductible. The account is transferable to another child in the family. Please ask for details and see our Rates page.
TRADITIONAL IRAs
The good old stand-byes, Traditional IRAs, remain an option and have also seen improvement the past few years. Anyone under age 70 ½ with earned income can still open one, and they still offer tax-deductible contributions for those meeting certain criteria. Income limits have been raised so more people can deduct their contributions, and withdrawal options have been expanded. All earnings grow tax deferred.
Open a Traditional IRA at UnitedOne in the form of either a 1, 2 or 4 year certificate, a 9 month certificate, or an Open Savings Traditional IRA (no term). The Open Savings IRA works great with payroll deduction or automatic transfers which allow your nest egg to grow regularly over time.
OUR CERTIFIED IRA EXPERTS
With all the recent improvements and changes in IRAs, deciding which is best for you and setting them up has become more complex. We've recognized this and are committed to providing you access to qualified, knowledgeable UnitedOne Credit Union staff. To ensure this, we have selected some of our best and brightest staff to undergo expanded IRA training.
Laurene Larsen, Carol Wagner and Joanne O'Connell are our Certified IRA Specialists. They have taken numerous classes through CUNA, our national trade association, and have passed extensive exams earning them this distinguished designation. We are very proud to have them serving as our "resident IRA experts" and training our Member Service Representatives in helping meet your IRA needs.
E-mail us at savings@UnitedOne.org or contact us with any IRA questions you may have. |
