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Regular contributions to a Roth IRA can be withdrawn tax-free and penalty-free at any time. After the account has been open for five tax years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59 ½, disability, death, or a first-time home purchase.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 Funds can be withdrawn tax-free and penalty-free at anytime to pay for qualified education expenses for elementary, secondary and post-secondary school.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.)