Kit can help you plan for a financially secure retirement with an Individual Retirement Account (IRA). We offer Traditional, Roth and Education IRA Savings and Share Certificates to help you with your retirement planning. Deposits into your IRA account can be made in a lump sum, through a rollover, through payroll deductions or with automatic transfers.
IRAs can offer tax advantages and supplement other retirement investment plans.* Plus, your IRA savings are federally insured by the NCUA up to $250,000.
Traditional IRA
With a traditional IRA, contributions made to your IRA may be tax deductible and your earnings are not taxed until they are withdrawn. You can begin withdrawing funds from your Traditional IRA after age 59 ½ without penalty, and must begin making yearly withdrawals by age 70 ½ to 73 (depending on your birth year).
Roth IRA
Contributions made to a Roth IRA are not tax deductible but your earnings may be withdrawn tax-free when requirements are met (must have had the Roth account for more than five years and be age 59 ½ or older. There is no age cut-off for making contributions to a Roth IRA, and the account is not subject to the Required Minimum Distribution (RMD) rules.
Education IRA
Unlike traditional and Roth IRA’s, Education IRA’s are not tools for retirement savings. They are designed solely to help pay higher education expenses. This custodial or trust account is set up and designated for a beneficiary under the age of 18 (at account opening).
Earnings on the funds in an Education IRA will be tax-free if used to pay for higher education expenses before the designated beneficiary reaches age 30. The earnings are taxable to the designated beneficiary (not the responsible individual or contributor) if they are withdrawn for any other purpose.
Please contact us to open an IRA.
*Consult your tax professional for specific advice