Building a Strong Financial Future With a Credit Union IRA

IRAs offer you the opportunity to build a strong financial future with tax-deferred savings. IRAs can be used to save for retirement or your child’s education.

Credit Union IRAs are federally insured through the National Credit Union Administration (NCUA), up to $250,000.

A Credit Union IRA is an investment vehicle that can help you achieve your financial goals and build a secure retirement. The funds you contribute can be invested in a variety of different options, including stocks, bonds, mutual funds and more.

Savings – Open your IRA with any amount and make regular contributions through direct deposit, mail or in person. With no minimum balance and no monthly service fees, there is no reason to delay saving for your future.

Money Market – Our IRA Money Market Account is a great way to earn competitive credit union rates and put your savings to work for you. It also allows you to earn dividends on your savings.

Certificate – If you are looking to save up to $50,000 for your future, a Genisys Credit Union Certificate can be a good investment option. With no minimum balance requirement and competitive interest rates, you can choose from a variety of certificates with a term length to suit your needs.

Education IRAs are a popular choice for those who want to save up for their children’s college expenses. The account offers you a tax-free place to save up to $2,000 per child. The funds you contribute can be withdrawn for eligible education expenses such as tuition, fees, books, supplies, equipment and more.

Roth IRAs are another option that can be used to help you save for your future. Withdrawals are tax-free if the funds have been in the account for five years and you are at least age 59 1/2.

Traditional IRAs allow you to defer taxes on your earnings and may have tax-deductible contributions, depending on your individual circumstances. They are usually more effective for those in a higher tax bracket than Roth IRAs, but you should consult with your tax advisor to determine which plan best meets your needs.

Rollovers

When you leave your job, a rollover of qualified retirement plans into an IRA is a way to continue the benefits. However, moving your money from a traditional IRA to a Roth IRA can lose some of the benefits of the tax-deferral or tax-free distributions.

The tax-deferred earnings on the contributions and any gains you make during your working years are not taxable when you withdraw them. However, if you are under age 59 1/2 and withdraw your earnings, a 10% penalty may apply.

If you have any questions about your IRA, please contact us and one of our friendly staff will be happy to assist you.

Credit Union IRAs are available to all members who meet eligibility criteria. There are no set-up or maintenance fees and no annual, distribution or rollover fees.

You can use your IRA money for any purpose you want, such as paying for your children’s education or to start a business. Your IRA can be used to invest in stocks, bond funds and other securities, or you can buy real estate, collectibles and other assets. Your IRA can also be used to make withdrawals when you reach your designated IRA distribution age.