eCentral Credit Union offers Traditional IRAs, Roth IRAs, and Education IRAs to make it easier for you to invest regularly and build a solid financial foundation for your future.

Traditional IRA | Roth IRA | Coverdell Education Savings Account

We're committed to making it easier for you to invest regularly and build a solid financial foundation for your future. Our IRAs come with specific advantages that mean simpler, more flexible investing. An IRA is an excellent financial tool to help you save for retirement or your child's education. We offer three types of IRAs to meet your financial goals.

*Please consult your accountant or tax advisor about your particular situation.

Traditional IRA
A Traditional IRA can help you save for your future, it can also offer immediate financial benefits. The taxes on your earnings are deferred until they are withdrawn, and contributions may be tax-deductible in the tax year they are earned. Some of the key features include:

Tax-deductible contribution advantage
Earns grow tax-deferred until withdrawn
Qualified distributions include turning 59½ years old, higher-education expenses, and first-time home purchases

Roth IRA
The Roth IRA offers flexibility by allowing you to pay taxes now and reap the benefits in the future. Roth IRA contributions are made with after-tax dollars (contributions are not tax-deductible). Some of the key features include:

Contributions are non-deductible
Withdrawals are tax-free
Qualified distributions include turning 59½ years old and first-time home purchases

Coverdell Education Savings Account
With the rising costs of education, the Coverdell Education Savings Account allows you to contribute up to $2,000 per year to help pay for your child or grandchild's qualified educational expenses. You can make contributions until the child reaches the age of 18*. Contributions are made with after-tax dollars (contributions are not tax-deductible), allowing both the contributions and earnings to be withdrawn tax-free if the funds are used to pay for qualified educational expenses. Some of the key features include:

Contributions are non-deductible
Withdrawals are tax-free for specific educational purposes

You may invest up to the maximum limit set by the IRS of your earned income in an IRA each year until you turn 70½. You may also contribute an additional amount per year of your earned income to a separate IRA for a non-income-earning spouse. If you are 50 years of age or older, you can make additional contributions ("Catch up") over and above the maximum contribution before the end of the taxable year. If a single person or married couple's modified adjusted gross income exceeds the annual income limit determined by the IRS, contribution amounts are gradually reduced until a deductible contribution cannot be made. For current contributions limits and catch-up contributions, visit the Internal Revenue Services web page on IRA Contribution Limits

Withdrawals from Traditional IRAs and Roth IRAs made prior to age 59½ may be subject to a 10% federal tax penalty and additional state penalties. For applicable tax benefits, consult with your tax advisor.

Your shares are federally insured up to $100,000 by the National Credit Union Administration