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INDIVIDUAL RETIREMENT ACCOUNTS (IRAs) With all of the new options created by the recent IRA tax law changes, there is now an attractive IRA account to fit just about everyone's unique retirement plan. In addition to the traditional IRA, we now offer Roth IRA and Educational IRA accounts. Given the variety of ways accounts can be structured, we can also custom-fit an IRA just for you.
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They're more attractive than ever because expanded income limits mean more people will be able to deduct their contributions. In addition, new penalty-free withdrawals are allowed for qualified education expenses and for a first-time home purchase. Traditional IRAs defer federal income taxes on earnings and contributions may be tax deductible. Roth IRAs and Educational IRAs Contributions to the Roth IRA or Education IRA are not tax deductible, but the account offers the opportunity for tax-free earnings. Contact Member Services at (504) 728-4853 for more information on the IRA that would be right for you.
IRA Share Certificates (Term Share Accounts) Choose from six-month, one-year, 18-month, two-year, three-year or five-year share certificates and watch your savings grow. A minimum balance of $100 is all you need to establish this account. Dividend rates vary based upon the account type chosen and are fixed for the term. Once your IRA is established, contributions to your account are
acceptable according to IRS regulations. You can even fund this
account through direct deposit
or payroll deduction.
These accounts automatically renew at maturity so you don't have
to visit our office each time it matures. Credit Union penalties
are charged for early withdrawal unless you have attained age 59
1/2 or become disabled. (IRS penalties may also apply for early
withdrawals from an IRA account).
IRA Money Market (Flex Fund) Account This account works the same as the regular Money Market (Flex Fund) account except there are no check writing capabilities. IRS regulations apply on any early withdrawals.
You can establish either a Traditional or Roth IRA and your contributions
can be funded through direct
deposit or payroll
deduction. (The Education IRA is not available for this type
of account).
IRA Regular Share Account
This basic IRA savings account requires a $5.00 minimum balance
to open and maintain the account. You decide whether you want this
account to be a Traditional, Roth or Education IRA.
Contributions to your IRA can be made at any time according to
IRS regulations and the dividend rate
is based on a tiered rate structure.
Choose direct deposit
or payroll deduction
to fund your IRA contributions each year. (IRS regulations may apply
for early withdrawals).
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