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 2018 are below.

Traditional:

• Deposit up to $5,500 or up to $6,500 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 $5,500 or up to $6,500 for individuals 50 years of age or older if your AGI is under $189,000 for a couple, or $120,000 for an individual
  
• Deposits are not taxable because they are "after-tax dollars"
  
• All earnings are non-taxable
  
• Mnimum 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• Funds must be withdrawn by age 30, unless child has special needs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 unusued portions
  
• No tax liability if use fits certain certeria
  

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.