Traditional IRA- A Family Savings Individual Retirement Account is the best way to prepare for the future, today. Our IRA works like our share savings account and your money earns quarterly dividends. Most members qualify for tax advantages for the amount they deposit into a Family Savings IRA. Your IRA account at Family Savings is insured up to an additional $250,000 by the NCUA. For details about tax advantages, please consult your tax advisor.
Roth IRA- The Roth IRA offers unique and exciting savings opportunities. Not only can it help with retirement needs, but also a first-time home purchase or other financial goals. This flexibility makes the Roth IRA appealing to many different age and income groups. Although it's not a one-size-fits-all solution, the Roth IRA will give many members an easy and safe way to plan for the future. For more information about opening an IRA, contact your credit union.
Important IRA Withdrawal Information You Should Know - If you withdraw funds from your IRA on a regular basis, you should know that payments from your IRA are subject to federal income tax withholding, unless you elect "no withholding." You may change your withholding decision at any time before you receive a payment. In order to change your withholding election, you must complete the correct form that is available at your credit union. For complete details on IRA's, contact the Member Services Department at the Main Office.
