Individual Retirement Accounts

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We offer the following types of 's:

Traditional IRAIndividual Retirement Account - A tax advantaged type of retirement plan for individuals.
With a traditional , you may invest up to $4,000 a year (higher limits apply if you are over 50 years of age) and contributions may be partially or fully deductible dependent on income and participation in an employer-sponsored plan. Withdrawals may not be made without penalty until age 59 1/2, unless they are for higher education expenses or for the purchase of a first home. Earnings are tax deferred until withdrawn, and distributions must occur at age 70 1/2.

Roth IRAIndividual Retirement Account - A tax advantaged type of retirement plan for individuals.
With a Roth , you may also contribute up to $4,000 a year (higher limits apply if you are over 50 years of age). Contributions may be withdrawn tax-free any time, but are not tax deductible. Interest income is subject to taxation, except after five years to buy a first home or for any purpose after the age 59 1/2. Contributions from earned income can be made after age 70 1/2, and mandatory distributions are not required.

Coverdell Education Savings Account (CESA)
A CESA Savings Account (Educational ) allows non tax deductible investments of up to $2,000 per year per child under the age of 18. Funds may be withdrawn tax-free and IRS penalty-free when used for higher education expenses, and unused funds may be transferred to another child in the family.

(*Early withdrawals from IRAIndividual Retirement Account - A tax advantaged type of retirement plan for individuals. certificate accounts will result in a loss of earnings penalty except in certain circumstances. Please refer to a BCCU IRAIndividual Retirement Account - A tax advantaged type of retirement plan for individuals. Plan disclosure for complete details.)