An Individual Retirement Account offers you one of the best ways to save for your future. Unlike most investments, depending on the IRA you choose, contributions may be tax deductible and may grow either tax deferred or tax free. Open the account with a small deposit and add any amount up to the total allowable annual contribution at any time during the year.
The Credit Union offers Traditional IRA’s and Roth IRA’s. Check with your tax advisor to find out which IRA is best for you, and then contact the credit union to open an IRA.
A Coverdell Education Savings Account works similar to a Roth IRA. Contributions to a Coverdell ESA are not tax-deductible, but earnings are tax-deferred and distributions are tax-free if used to pay for the account beneficiary’s qualified expenses for costs of kindergarten through 12th grade, college or trade school. Consult your tax advisor, and then contact the credit union to open an account.