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Individual Retirement Accounts (IRAs)
An Individual Retirement Account (IRA) can help you save for retirement, your child's education and in some cases help reduce your taxes.
IRAs are considered one of the most beneficial savings tools available for the tax advantages they provide and are federally insured up to $250,000 by the National Credit Union Share Insurance Fund.
NWFCU offers both Regular Share IRAs and IRA Certificates.
IRA Account Types
- Traditional IRA – The original IRA, now called the Traditional IRA, allows eligible participants to contribute income before it's taxed for tax-deferred earnings.
- Roth IRA – Contribute income after taxes and enjoy tax-free earnings until retirement when withdrawals can be tax-free.
- Coverdell Education Savings Account – A tax-deferred plan that lets you make nondeductible contributions of up to $2,000 annually for elementary, high school and college expenses.
- SEP IRA – A retirement plan designed for small businesses and self-employed business owners and independent contractors. The SEP IRA enables you to make discretionary, tax-deductible contributions for employers and eligible employees. Earnings and contributions are tax deferred.
Consult your tax advisor regarding how the various IRAs relate to your tax situation.
Printer-friendly version of Individual Retirement Accounts brochure.
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