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IRAs

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Traditional IRAs

If you haven't started thinking about retirement, today is the perfect time to start. IRAs through US Community Credit Union are a great tool to put you on the right track to meet your retirement goals. US Community Credit Union offers several IRA options to fit your specific needs. So when retirement knocks on the door, you'll be ready.

Traditional IRA Benefits:

  • Contributions may be tax deductible in the year the contributions are made.
  • Taxes due on the earned interest are deferred until funds are withdrawn.
  • Mandatory withdrawals at age 70½.
  • Withdrawals can begin at age 59½.
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Roth IRAs

If you haven't started thinking about retirement, today is the perfect time to start. IRAs through US Community Credit Union are a great tool to put you on the right track to meet your retirement goals. US Community Credit Union offers several IRA options to fit your specific needs. So when retirement knocks on the door, you'll be ready.

Roth IRA Benefits:

  • Contributions are post-tax, and growth may be tax-free.
  • Since withdrawals are not reportable income, they won't affect your adjusted gross income during retirement.
  • Contributions can be made after age 70½, and no withdrawals are required during the accountholder's life.
  • Withdrawals from a Roth IRA are tax- and penalty-free as long as the account has been open for at least five tax years and you are either over 59 1/2, disabled or buying a first home.
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Coverdell Savings Accounts

We realize you want what's best for your children, and gaining a quality education is high on that list. That's why we offer a tax advantaged way to save for those upcoming educational costs.

Coverdell Savings Account Benefits:

  • Gives flexibility to families saving for college tuition and other related expenses.
  • Up to $2,000 per year may be deposited for each child under age 18.
  • Anyone can make a contribution - parents, grandparents, relatives, or friends
  • Earnings and withdrawals are tax free if used for educational expense by age 30
  • Can be transferred to another child in family
  • 10% penalty if used for another purpose
  • These contributions are not tax deductible, but dividends earned are tax free.