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Individual Retirement Accounts

Individual Retirement Accounts (IRAs) were developed to give those without a retirement plan from their place of work a chance to adequately plan for retirement.  IRAs can also be used to save for educational expenses. There may also be certain tax benefits available to you with certain IRAs.  Always consult your tax advisor regarding tax benefits.

Denver Community Credit Union offers three types of IRAs to suit your needs.  Those Individual Retirement Accounts include Traditional IRAs, Roth IRAs and Coverdell Education Savings Accounts (also known as Educational IRAs).  Depending on your needs, you may invest in either the IRA Money Market, or in IRA Certificate of Deposit (CD) Accounts.  So what is the difference between an IRA Money Market and an IRA CD?  IRA Money Market Accounts can be opened without a minimum balance, and IRA CD Accounts can be opened with as little as $100.  Our dividend rates may vary.

Compare IRA’s:

Traditional IRA

“A Traditional IRA is a way to save for retirement that gives you tax advantages.” —Internal Revenue Service

Contributions into a Traditional IRA are made with pre-tax income.  However, when you make a withdrawal, those funds (income and earnings) are subject to income tax.   Federal withholding penalties may be waived for certain circumstances.  Traditional IRA funds may be withdrawn without IRS penalty if used for higher education purposes or for first-time home purchases.  With a Traditional IRA, it is important to be mindful of the various requirements and regulations associated with contributions and distributions.

*Always consult a tax advisor when considering withdrawals or exceptions.

Roth IRA

Roth IRAs are contributed with income that has already been taxed.  No taxes are imposed on earnings when withdrawals are made after five years.  Withdrawals in the initial five years will have income taxes assessed on earnings, but not on contributions.  Like the Traditional IRA, certain exceptions may apply to the assessment of income taxes on earnings and contributions. Though the Roth IRA differs from the Traditional IRA, it may be a powerful tool for retirement planning.

*Always consult a tax advisor when considering withdrawals or exceptions.

Coverdell Education Savings Account

Formerly known as an Education IRA, this account can be made for members with beneficiaries under the age of 18.  It is used to save money for future education expenses.  The maximum contribution is $2,000 beneficiary per year.  Dividend earnings are tax free.  Withdrawals are also tax free when made for qualified educational expenses.  Contributions, however, are not tax deductible.

*** Denver Community Credit Union’s IRAs and ESAs are separately insured by the NCUA up to $250,000.

Visit any of our branches, call 303-573-1170 or toll-free 1-877-293-6328, or contact us for inquiries regarding our various IRA products.

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