INDIVIDUAL RETIREMENT ACCOUNTS
An
IRA is a tax-deferred savings program that can
save you money while building for retirement
security. IRA funds can be placed into any of
our attractive certificate
accounts and we also offer a special savings
account that can be used to accumulate IRA funds
throughout the year.
In addition to Traditional IRAs, the Credit
Union offers Roth IRAs and Education IRAs. Roth IRA contributions
are not tax deductible, however interest income accumulates
in the account tax-free. If you are not eligible to deduct
your contributions, the Roth IRA is your best choice for retirement
saving. All wage-earning members are eligible to open an IRA.
Coverdell Education Savings Accounts (Formerly Education IRAs)
allow you to make contributions on behalf of a beneficiary,
to be used for post-secondary educational expenses.
For more information on which IRA plan best
meets your needs, please call the Credit Union at 202-479-2270
or visit one of our branches.
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