individual retirement account
what is an IRA account?
An Individual Retirement Account (IRA) is a type of savings account that is designed to help you save for retirement and offers many tax advantages. Whether you’re saving for retirement or education, KCCU offers several options from which you can choose to best fit your needs while enjoying piece of mind knowing your savings are protected by the NCUA for up to $250,000.
IRA options & benefits
- Traditional IRA — Offers tax-deferred earnings and the possibility for tax-deductible contributions. These tax advantages make the Traditional IRA a powerful tool in creating a balanced, long-term savings plan.
- Roth IRA — Qualified distributions are tax-free, flexible withdrawal options are available, and the amount you can contribute is increasing.
- Coverdell Education Savings Accounts — Can be opened for any child under age 18 to fund his or her educational expenses, such as tuition, fees, books, supplies, equipment, and in some cases, computers and room and board. Earnings grow tax-free if distributions are used for qualified education expenses.
- IRA Certificate Account — With an IRA Certificate Account you get the tax advantages of an IRA Account with the added benefit of higher returns of a Certificate Account.
See our current rates. To open an account, contact a Member Service Representative at 269.968.9251 or 800.854.5421 today
*The Internal Revenue Code may impose a penalty on withdrawals of taxable amounts before you reach age 59 ½. Consult with an investment advisor or tax advisor for additional guidance on which type of IRA may best fit your needs.