Phone: (912) 233-6491
Individual Retirement Accounts (IRA)
Don't stress about retirement. Plan for it with an NCUA-insured Individual Retirement Account (IRA) and IRA Certificates.
If you're looking for an account that earns a higher yield than regular savings, our IRA Savings account gives you plenty of options along with competitive rates.
An IRA Certificate is an excellent tool to help supplement your retirement funds. You can open your IRA Certificate with as little as $500 with terms from 6 months to 5 years.
IRAs are separately insured to at least $250,000 by NCUA. Contribution deadline for current tax year same as Federal income tax return deadline -- normally April 15 of the following calendar year.
- Traditional
- Contributions and earnings may be tax deductible - consult a tax professional
- Taxes are deferred until withdrawn
- Contributions allowed up to annual limits
- Anyone with earned income can contribute up to age 70½
- Required minimum distribution upon reaching age 70½
- Minimum balance requirement $500
- Competitive dividend rates
- Dividends compounded and paid monthly
Withdraw penalty-free** for any of the following reasons:
- Qualified higher-education expense
- First-time home purchase*
- Age 59½
- Disability
- Qualifying medical expenses exceeding 7.5% of adjusted gross income
- Payment to beneficiaries upon owner's death
- Payment of health insurance premiums while unemployed for 12 weeks or longer
* Lifetime limit for exemption on first-time home purchase is $10,000.00.
** IRA Share Certificate penalties may apply
- Roth
- Regular contribution can be withdrawn tax-free and penalty-free at any time
- Does not have distribution requirements at age 70½
- Minimum balance requirement $500
- Dividends compounded and paid monthly
Withdraw earnings penalty-free** and tax-free after five tax years for any of the following reasons:
- Age 59½
- Disability
- Death
- First-time home purchase*
* Lifetime for exemption on first-time home purchase is $10,000.00
** IRA Share Certificate penalties may apply
- Coverdell Education Savings
- Eligible to contribute if MAGI* is less than limits set by Congress
- Contributions not allowed after the beneficiary reaches age 18 (except for special needs beneficiaries)
- Can contribute $2,000 per child each year-limit applies to all ESA's for same child
- No one can deduct contributions
- Withdrawals for qualified education expenses are tax-free if made before beneficiary reaches age 30
- Funds can be transferred from one child to another within the same family
- $500 minimum balance
- Dividends compounded and paid monthly
* MAGI = Modified Adjusted Gross Income. Contribution and deductibility limits change frequently. Consult your tax professional regarding your individual circumstances.
