Skip to main content

IRA Services

Let us help you with your retirement planning.

An IRA is a special tax-sheltered savings plan which allows you to build a personal retirement fund while saving on your taxes. The deposits you make may be tax-deductible. The dividends earned are often tax deferred (We suggest that you consult a tax advisor for eligibility). Lump sum distributions (commonly referred to as an IRA Rollover) from a qualified Pension Plan or another IRA can establish a CCU IRA. The funds must be deposited into an IRA within 60 days of the withdrawal. To determine if these funds qualify for a Rollover, consult your tax advisor.

Traditional IRA

With a traditional IRA contributions may be tax-deductible when you begin withdrawing the funds you will pay taxes on them. So if you expect to be in a lower tax bracket after you retire, a traditional IRA may be an option to discuss with your tax advisor. You may begin taking distributions at age 59 ½ without incurring a 10% early distribution penalty (some exceptions are made on the early distribution penalty), and you must begin taking at least your required minimum distribution by April 1st of the calendar year after you turn 70 ½.

Roth IRA

Contributions to Roth IRAs are not tax-deferred. Withdrawals are generally tax-free (there are certain exceptions, again we stress consulting a tax advisor before opening any IRA account), and there is no age at which you must start taking minimum distributions. However, there are some limits on contributions for those in a higher income bracket.

Coverdell Educational Savings Account

Coverdell ESAs are designed to help families save money for their children’s educational expenses from primary school through college. Funds in the account may be withdrawn to pay for qualified education expenses at qualified institutions. Balances in ESAs must be disbursed by the time the beneficiary (child) is thirty years old or gifted to a family member under the age of thirty to avoid penalties.