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Individual Retirement Account

Individual Retirement Account (IRA)*
With as little as five dollars you can open a Traditional, Roth, Coverdell (Education), or SEP Individual Retirement Account (IRA) and earn some of our highest dividend rates. These funds can reduce your present tax burden and are taxed only when withdrawn from the account, normally at or after retirement. No start-up costs or maintenance fees are charged. Automatic deposits are possible and encouraged. 

The 2013 traditional and Roth IRA contribution limits have increased to $5,500 annually, and $6,500 annually if you are age 50 or older.  Educational IRA’s have increased to $2,000 annually.  The SEP IRA contribution limit is 25% of your salary with a $51,000 maximum.  If you don’t already have an IRA we can help find the best option for your needs.  For more information visit your local branch or call us at 800-321-8570 ext. 200.

Traditional IRA 
Traditional IRA's offer tax deferred earnings and the possibility for tax deductible contributions.  Earnings on a traditional IRA are not taxed until they are withdrawn.  The ability to defer taxes on the earnings, and to withdraw in a year when you may be in a lower tax bracket, can mean more after tax dollars in retirement.  The tax advantages of a traditional IRA can be very helpful in creating a productive retirement plan.

Roth IRA
Contributions to a Roth IRA are not tax deductible.  However, earnings from a Roth IRA can be withdrawn tax free, along with the money you contribute to the Roth IRA.  You must conform to certain tax requirements to get the tax free advantage.  A Roth IRA offers generous incentives to boost your retirement savings.

Coverdell Educational Savings Account (ESA)
A Coverdell ESA is an Educational IRA.  The purpose of a Coverdell ESA is to help you pay for a child's educational expenses.  Contributions to a Coverdell IRA are never tax deductible, but it offers you the potential for tax free withdrawals, including earnings.  A Coverdell IRA is a great way to save for your child's education.

SEP IRA
A SEP IRA (Simplified Employee Pension) is a retirement plan that is popular with many small business owners and self employed individuals.  A SEP IRA plan provides business owners with a simplified method to contribute toward their employees’ retirement as well as their own retirement savings. Contributions are made to an Individual Retirement Account set up for each plan participant.

*Co-op Services Credit Union is not licensed to offer tax advice.  Please consult a tax advisor about your specific situation, or for informaiton on any tax incentives you may be eligible for.


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