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Investments: IRA

IRA savings accounts are a great way to save for retirement. We offer Traditional, ROTH, and Coverdell Education Savings Accounts.

Roth versus Traditional IRAs
If you haven’t yet opened an Individual Retirement Account (IRA), take a look at the different tax advantages offered by Traditional and Roth IRAs*:

With a Traditional IRA, your contributions are tax deductible and earnings accumulate tax deferred, so you won’t owe income taxes until you make withdrawals. Deductible contributions and earnings are then taxed at your regular income tax rate upon withdrawal.

Roth IRA contributions are not tax deductible. However, withdrawals of your contributions are always tax-free and penalty free. Additionally, earnings accumulate tax-free and are free from income tax upon withdrawal if you meet specific conditions. A Roth IRA also has more flexible “early withdrawal rules” than a traditional IRA, and you are not required to begin withdrawals at age 70½.

There are factors you should consider before choosing an IRA account such as: your current age, plans for needing the money prior to age 59½, plans for leaving the money to heirs, and the likelihood that you will actually invest the money you save on taxes in another retirement account. Your tax advisor can help you determine which tax advantages would benefit you most.

*Consult your tax advisor

Coverdell ESA:
A smart way to help pay for education.

Save up to $2,000 per child per year in a Coverdell Education Savings Account (ESA) here at Neighbors United Credit Union. There are a number of benefits to a Coverdell ESA.

While your contributions are made with after-tax dollars, the earnings and withdrawals are tax-free when used for qualified educational expenses. And you or any of your family members can contribute to the account, up to the $2,000 total annual limit.

You can continue saving each year until the child reaches 18. When the money is withdrawn, it can be applied to a broad range of qualified expenses for college and public or private K-12 education-including tuition, tutoring, room and board, and even computer equipment.

A unique Coverdell ESA feature is your ability to transfer funds from one child’s account to another child’s account in the same family. Also, contributions can be made on behalf of the same child to both a Coverdell ESA and a 529 plan.

Our Certified IRA Representative can answer questions you may have about your IRA options, features, and benefits. Contact Tracy Wood at (864)941-8900 or twood@mynucu.org for more information.

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