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Another tax
savings investment is an IRA
Currently
the Credit Union is paying a fixed annual rate on our
IRAs. This rate may change on the first calendar day of
the year. Contributions for tax year 2021 are
below.
Traditional:
- Deposit up to $7,000 or up to
$7,000 for individuals 50 years of age or older
- Deposits may or may not be
deductible
- All earnings are taxable upon
withdrawal
- Minimum age to withdraw funds
without penalty is 59-1/2
- Age that you MUST begin
withdrawing funds is 70-1/2
Roth:
- Deposit up to $7,000 or up to
$7,000 for individuals 50 years of age or older
if your AGI is under $196,000 for a couple, or
$124,000 for an individual
- Deposits are not taxable
because they are "after-tax dollars"
- All earnings are non-taxable
- Minimum age to withdrawal
funds without penalty is 59-1/2
- No maximum age requirements
to withdraw funds
- Can withdraw funds without
penalty if you meet certain criteria
Coverdell
(Educational):
- IRAs are set up for a child
under the age of 18 for educational purposes
(college, books, room & board)
- Deposit up to $2,000 per year
per child
- Last deposit may be made on
child's 18th birthday, unless child has special
needs
- Funds must be withdrawn by
age 30, unless child has special needs
- Can transfer/rollover to
another child for all unused portions
- No tax liability if use fits
certain criteria
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Are
Certificates of Deposit available at the Credit Union?
Yes. If you are a member of the Credit Union and/or a
family member, the Credit Union has available four
different types of investments.
They are as follows:
- 6-month share Certificate
- 12-month share Certificate
- 18-month share Certificate
- 30-month share Certificate
All
certificates have a minimum deposit of $500.00. The rate
at time of purchase is effective for the term of
certificate. Even though Certificates of Deposit rates
may vary weekly, you will receive the same rate
throughout the term of your certificate.
The Certificates of Deposit rates vary. This Credit Union
pays a fixed rate. You will receive the same rate
throughout the term of your Certificate even though the
rates may vary either weekly, bi-weekly or monthly.
Want
to learn how to save, invest, and manage your money
better?
MyMoney.gov
can help you. This is a government website dedicated to
teaching all Americans the basics about financial
education. Whether your are planning to buy a home,
balancing your checkbook, or investing in your 401K, the
resources on MyMoney.gov can help you do it better.
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AT&T
Employees Pittsburgh, PA
Federal Credit Union
635 Grant Street
Pittsburgh, PA 15219
Phone:
(412) 227-7210
Fax: (412) 227-7212 |
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