Individual Retirement Accounts |
|
|
| Whether you are planning your golden years or saving for your first home, an IRA from Las Colinas Federal Credit Union is the smart way to save for your future. We offer Traditional, ROTH and Coverdell Education Saving Accounts (formally Education IRAs). |
- No minimum deposit required to open an IRA Savings account
- $1,000 minimum opening balance required for IRA Share Certificates
- No setup or annual fees • Dividends paid monthly
- Insured for up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), part of the National Credit Union Administration (NCUA), a federal agency
|
| |
Traditional IRA |
| Choose a Traditional IRA if you want the tax deduction right now. Traditional IRA’s also make sense if you anticipate paying taxes at a significantly lower rate in retirement |
- $5,000 maximum contribution per tax year, under age 50
- $6,000 maximum contribution per tax year, age 50 or older
- Contributions may be tax deductible
- Contributions cannot exceed compensation
- Earnings grow tax deferred until withdrawn
|
| |
Roth IRA |
| Choose the Roth IRA if you don’t need the tax break right now. Roth IRA’s are more flexible because you do not have to take mandatory distributions at age 70½ and you can withdraw contributions at any time, tax-free and penalty-free. |
- $5,000 maximum contribution per tax year, under age 50
- $6,000 maximum contribution per tax year, age 50 or older
- Contributions are not tax deductible
- Contributions cannot exceed compensation
- After the account has been open 5 years, earnings can be withdrawn tax-free and penalty free for any of these reasons: age 59½, first time home purchase, disability or death.
|
| |
Coverdell Education Savings Account (ESA) |
| The Coverdell Education Savings Account (formerly the Education IRA) is an investment tool designed to help you save for a child's education expenses. Money saved grows tax-free and can be used for a variety of educational expenses. |
- $2,000 maximum contribution per child per year
- Contributions are not tax deductible
- Withdrawals for qualified education expenses are tax-free
|
| Retirement plans are unique to each person’s financial situation. With changing tax laws, it is important to consult with your tax or legal advisor regarding your personal situation. LCFCU does not provide tax or legal advice. |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |