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Retirement Accounts

Retirement Accounts

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Saving for Retirement

The time to invest in your future is now. It takes a lot of advance planning and saving to reach your retirement goals. An IRA or another type of retirement account is a safe and secure way to prepare for retirement and can provide you with a strong foundation for your financial future. At Choice One Community Credit Union, we can help take the guesswork out of planning for your retirement. We offer two types of Individual Retirement Accounts (IRAs), as well as an education account. No matter what your retirement savings needs, we’ve got you covered. Remember, it’s never too early or too late to start saving for retirement! To learn more or to open an IRA, stop by one of our branch locations.

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Retirement Account Details

• Tax-advantaged retirement savings*
• Competitive dividends above standard savings rates
• Traditional and Roth IRA options, as well as Coverdell Education Savings
• No setup fees
• No monthly or annual maintenance fees
• Annual contribution limits apply
• All credit union deposit accounts, including retirement accounts are insured by the NCUSIF** for up to $250,000.
• Minimum balances are required to earn dividends on the IRA Savings Account

*Consult a tax advisor for information.

** The NCUSIF is the National Credit Union Share Insurance Fund. It is a federally insured program governed by the NCUA (National Credit Union Administration).

Traditional IRA

As the name suggests, this is the more common type of IRA. With a Traditional IRA, your contributions may be tax-deductible* and you can grow your savings tax-deferred until such time as you retire. When you do retire, the contributions you take are taxed based on your current income level.

• No minimum contribution per year
• You must be under age 70 ½ to be eligible for a Traditional IRA
• Non-working spouses can make fully deductible contributions to an IRA, even if their spouse participates in a retirement program, as long as their joint income does not exceed $150,000
• You can contribute up to $5,500 each year or $6,500 if you are age 50 or older
• Before age 59 ½, you may be able to withdraw money without a penalty to purchase a first home (up to $10,000 maximum) or pay qualified costs of a higher education
• You can’t make contributions after the age of 70 ½
• Mandatory withdrawals at age 70 ½
For more information or to open your account(s), stop by one of our three conveniently-located branches in Wilkes-Barre, Hazleton or Plains Township.

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*Consult a tax advisor for information.

Roth IRA

Anyone with earned compensation or who files income tax jointly with a spouse who has earned compensation and is within certain income limits is eligible to contribute. The major advantage of a Roth IRA is that you pay taxes on your yearly contributions, but your account earnings and future withdrawals are tax free. Plus, you can continue to make contributions even after age 70 ½, as long as you are still employed.

• Penalty free withdrawals after 5 years
• Tax free earnings after age 59 ½
• Contributions allowed after age 70 ½ when employed
• No required distribution at age 70 ½ or in your lifetime
• Tax-free if used for first home purchase (up to $10,000) or education
• Tax-free if disabled or upon death

For more information or to open your account(s), stop by one of our three conveniently-located branches in Wilkes-Barre, Hazleton or Plains Township.

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*Consult a tax advisor for information.

Coverdell Educational Saving Account (ESA)

Formally known as the “education IRA,” Coverdell Education Accounts (ESA) are ideal if you want to save for educational expenses for a child or grandchild. They were designed to encourage savings to cover future education expenses (elementary, secondary and/or college), such as tuition, books, uniforms, etc. Contributions can be made to an ESA until December 31st of the tax year. Parents, grandparents, other relatives, friends, and even minors (with earned income) can set up an account for a designated beneficiary, as long as the beneficiary is under the age of 18. Nondeductible contributions can be made of up to $2,000 per beneficiary each tax year. The accumulation of interest and withdrawals are tax-free as long as the funds are used for financing education expenses.

• Maximum annual contribution of $2000 per child until age 18
• Contributions are not tax-deductible
• Withdrawals for certain qualified education expenses may be tax-free*
• Qualified education expenses including tuition, room and board, fees, books, equipment, and supplies at an eligible elementary, high school, and post-secondary school, as well as computer equipment for elementary and high school (restrictions apply).
• Income limits may apply
• Assets in the account must be distributed to the designated beneficiary by age 30 or transferred to another Coverdell ESA for the benefit of another eligible family member — except in the case of a Special Needs Beneficiary.

For more information or to open your account(s), stop by one of our three conveniently-located branches in Wilkes-Barre, Hazleton or Plains Township.

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*Consult a tax advisor for information.

IRA Forms

Print out our IRA Forms and bring them in or mail them to your nearest Choice One Branch.

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All credit union deposit accounts, including retirement accounts, are insured by the NCUSIF* for up to $250,000.

*** The NCUSIF is the National Credit Union Share Insurance Fund. It is a federally insured program governed by the NCUA (National Credit Union Administration).

About Choice One

We serve more than 13,000 members (and counting) throughout Pennsylvania. If you live, work, worship, go to school or own a business entity in Luzerne, Lackawanna or Wyoming Counties, you are eligible to join. So, stop in today and see the difference at Choice One!

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