Individual Retirement Accounts (IRA)
Individual retirement accounts offer tax benefits1 for retirement savings. Credit Union of America’s IRA Savings options include Traditional, Roth, and SEP. Build your balances with competitive rates in an IRA.
IRA and CESA products can only be opened in branch.
*Average daily balance of $100 must be maintained to earn dividends. Dividends paid monthly.
** APY = Annual Percentage Yield
Defer paying taxes on your earnings until they’re withdrawn. This allows you to accumulate interest on a larger sum before paying income taxes and potentially doing so in a lower tax bracket at the time of your retirement.
If you expect to be in a higher tax bracket when you retire, you may benefit from a Roth IRA rather than a traditional one.
Your money is taxed the year you open your Roth IRA. When you make withdrawals later, from the funds you’ve earned interest on, it could be entirely tax free.
Simplified employee pension IRAs allow self-employed individuals to contribute to a retirement plan with few administrative tasks. These accounts follow the same qualification, rollover and disbursement rules as traditional IRAs.
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For complete details on IRA limits and requirements, please consult with a CUA representative.
1Consult with a tax advisor.
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