Individual Retirement Accounts (IRAs)
Investing in an Individual Retirement Account (IRA) is the perfect way to save for a better future for you and your family.* Our IRAs are insured up to $250,000 by the National Credit Union Association (NCUA) and offers the following IRA products:
Traditional IRAs – You won’t pay taxes now on a Traditional IRA, when you are working and your income is higher. At retirement, you are able to withdraw your funds or roll them over into another option. Taxes paid on Traditional IRA distributions at retirement are considerably less, since your income is lower.
Roth IRAs – Saving for a house or retirement adds up quickly when you invest in a high-interest Roth IRA. You do pay taxes on the funds you contribute, but you will not have to pay taxes when you use the money, and you will not incur any penalties for Roth withdrawals after five years.
Coverdell Education Savings Accounts (ESAs) – The accumulation of interest and withdrawals from an ESA will be tax-free as long as the funds are used for qualified higher education costs. Parents, grandparents, other relatives, friends, and even minors (with earned income) can set up an account for any designated beneficiary under age 18. You can make nondeductible contributions of up to $500 per child each tax year.
Open an IRA today by visiting the credit union, or call (800) 749-5290 to learn more.
*VAntage Trust FCU cannot give tax advice. For help with information on your financial goals and the tax treatment, consult your professional tax advisor.