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Individual Retirement Accounts

An Individual Retirement Account (IRA) is an excellent tool for retirement savings. Unlike most investments, depending on the IRA you choose, contributions may be tax-deductible and will grow either tax-deferred or tax-free.

Traditional IRA

There are annual contribution limits to your Traditional and Roth IRA’s (as of 2017, your total contributions to all of your traditional and Roth IRAs cannot be more than $5,500, or $6,500 if you’re age 50 or older). The contribution limit may be adjusted annually for inflation, as determined by the IRS. Visit IRS.gov for more details.

The annual limit applies to any combination of IRA plans other than the Coverdell Education Savings Account (ESA).

Contributions are fully tax-deductible if you are not an active participant in an employer retirement plan or your income does not exceed certain limitations. Investments grow on a tax-deferred basis. Distributions must begin at age 70 ½ . Contributions and earnings are taxed only upon withdrawal. Check with your tax advisor for details.

Your retirement savings are federally insured by NCUA up to $250,000.

Roth IRA

As long as you have earned income, you can establish and contribute to a Roth IRA even after 70 1/2. While contributions are not tax deductible, contributions and earnings can be withdrawn tax-free, with limitations, and unlike traditional IRAs, you are not required to begin taking required minimum distributions after age 70 1/2. By converting your traditional IRA to a Roth IRA, you can enjoy tax-free withdrawals. However, the amount you can convert is subject to income tax now.

Your retirement savings are federally insured by NCUA up to $250,000.

Coverdell Education Savings Account

While there is no tax deduction for amounts contributed to a Coverdell Education Savings Account (ESA), earnings grow tax-free. And your ESA can be used to pay qualified elementary school and secondary school expenses as well as those for higher education.

The annual contribution amount per beneficiary is $2,000.

Contribution Deadlines

Traditional IRA's, Roth IRA's and Coverdell Education Savings Accounts must be opened and/or funded by the April 15th deadline for each tax year to receive your tax deductions.

Click here for current rates or click here for the retirement calculator.