IRA Accounts

Take control of your future—and save on your income taxes—by investing in an IAEFCU Individual Retirement Account (IRA).   We offer Roth, Coverdell Educational Savings, SEP and Traditional IRAs.

Traditional IRA
Save for your retirement, your child's post-secondary education or for your first house:

• minimum $5 investment
• no maintenance fees, so every dollar stays in your account earning interest 
• competitive dividend rates are paid quarterly 
• federally insured up to $250,000 per member by the National Credit Union Administration (NCUA)

Roth IRA Accounts
A Roth IRA is an individual retirement account that allows only nondeductible contributions but features tax-free withdrawals for certain distribution reasons after a five-year holding period.

A helpful feature of the Roth IRA is that, for distributions, original contribution amounts are returned first and are not subject to the 10 percent premature-distribution penalty.  In other words, you can always withdraw your principal, penalty and income tax free, for any reason.

Coverdell Educational Savings Account (CESA)
The Coverdell Educational Savings Account is a nondeductible account that features tax-free withdrawals for a very specific purpose—a child’s education expenses.  At first glance, a CESA may look similar to traditional or Roth IRAs.  Higher education distributions are also permitted from these accounts, but while qualified higher education distributions from a traditional or Roth IRA are penalty tax free, the same distributions from a CESA are penalty free and federal income tax free.  Consult your tax or legal professional for further information regarding state and/or local income taxes.

 What about Social Security?

 What is a budget?