Individual Retirement Accounts
Save for your your retirement with an IRA
from NPM Credit Union. We offer Traditional IRAs, Roth IRAs, or
Educational IRAs. Choose your investment in an IRA Share Savings or an IRA Share Certificate with no
monthly service charges. Make
saving for your future even easier with payroll deduction to an
IRA Share Savings account. We also accept rollovers from other
retirement funds. See an IRA specialist at the Credit Union to start
your retirement account today!
Traditional IRA
Traditional IRAs offer
tax-deferred earnings and contributions may be tax-deductible.
Withdrawals are penalty-free for any of the following reasons:
qualified higher education expenses, first-time home purchase,
age 59 ½, disability, qualifying medical expenses exceeding 7.5%
of adjusted gross income, payment to beneficiaries upon the
owner's death, or payment of health insurance premium while
unemployed for 12 weeks or longer. Minimum distributions are
required after the age 70 ½.
Roth IRA
Regular contributions to a
Roth IRA can be withdrawn tax-free and penalty-free at any time.
After the account has been open for five tax years, earnings can
be withdrawn tax-free and penalty-free for any of these reasons:
age 59 ½, disability, death, or a first-time home purchase.
Minimum distributions after age 70 ½ are not required with a
Roth IRA.
Educational IRA
An Educational IRA (also known as the
Coverdell Education Savings Account) is to help you pay for your
child's education expenses, such as tuition, fees, books,
supplies, equipment, and in some cases, room and board and
computers. Anybody can contribute to a Coverdell ESA, but the
the total annual contribution for each child cannot exceed
$2,000. Funds can be withdrawn tax-free and penalty-free at
anytime to pay for qualified education expenses for elementary,
secondary and post-secondary school.
Not intended
as tax advice. Please consult a tax professional.
(NCUA insures a member's Traditional and Roth IRAs up to a
maximum of $250,000.)
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