Individual Retirements Accounts (IRA)

Take proactive strides toward security with an IRA, which offers higher returns than regular savings.

You also could get tax advantages to help you save for retirement. Talk with a Georgia Heritage FCU representative about which IRA plan is right for you.

IRA Advantages
  • No setup or maintenance fee
  • Different plans to suit various financial situations
  • $500 minimum opening deposit
Traditional vs. Roth

Traditional IRA

  • Contributions and earnings may be tax deductible
  • Taxes are deferred until withdrawn
  • Contributions allowed up to annual limits
  • Anyone with earned income can contribute up to age 70 1/2
  • Required minimum distribution upon reaching age 70 1/2
  • Competitive dividend rates
  • Dividends compounded and paid monthly
  • Minimum balance requirement $500

Roth IRA

  • Regular contributions can be withdrawn tax-free and penalty-free at any time
  • Does not have distribution requirements at age 70 1/2
  • Dividends compounded and paid monthly
  • Minimum balance requirement $500
Helpful Information:

Coverdell Education Savings

  • Eligible to contribute if Modified Adjusted Gross Income 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 ESAs 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

(Contribution and deductibility limits change frequently. Consult your tax professional regarding your individual circumstances.)

Calculators





Become a member today

Enjoy exclusive savings everyday!

You are about to leave gaheritagefcu.org

You are now leaving the Georgia Heritage FCU website. The site you are about to visit is created and maintained by another organization. Georgia Heritage FCU is not responsible for the content on the site you are about to visit. Georgia Heritage FCU does not represent either the third party or the member if the two enter into a transaction. Privacy and security policies may differ from those practiced by Georgia Heritage FCU.

You will be redirected to

Click the link above to continue or CANCEL