Individual Retirement Account (IRAs)

It’s your hard-earned money. Enjoy it to its fullest by investing in your golden years now. WestStar Credit Union will help you meet your goals, with two great IRA options — a traditional and Roth account — each with unique benefits.

Whatever option you go with, an IRA is always a tax-advantaged*, low-cost account insured by the NCUA. Take advantage of monthly dividends above standard savings rates and competitive annual fees. Open your future possibilities today — it only takes $100 to get started.


♠ Save for retirement with tax advantages*

♣ Earn competitive dividends higher than regular savings

♥ Pays monthly dividends

♦ Available in traditional and Roth

♠ Annual contribution limits apply*

♣ $1,000 annual “catch up” contributions allowed for ages 50 and better

♥ Funds can be used to purchase term certificates within IRA

♦ $25 annual fee

♠ No minimum balance requirements

♣ Federally insured

♥ $100 minimum deposit to open

Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

♦ No income limits to open

♠ No minimum contribution requirement

♣ Contributions are tax deductible on state and federal income tax*

♥ Earnings are tax deferred until withdrawal (when usually in lower tax bracket)

♦ Withdrawals can begin at age 59 ½

♠ Early withdrawals subject to penalty*

♣ Mandatory withdrawals at age 70 ½ 

Roth IRA

♥ Prepare for qualified medical expenses

♦ Income limits to be eligible to open Roth IRA*

♠ Contributions are NOT tax deductible

♣ Earnings are 100% tax free at withdrawal*

♥ Principal contributions can be withdrawn without penalty*

♦ Withdrawals on interest can begin at age 59 ½

♠ Early withdrawals on interest subject to penalty*

♣ No mandatory distribution age

♥ No age limit on making contributions as long as you have earned income

Coverdell ESA

Higher education can become a financial burden. A Coverdell Education Savings Account (ESA) is designed to help lighten the load.

♦ Set aside funds for your child's education

♠ Dividends grow tax-free*

♣ Withdrawals are tax-free and penalty-free when used for qualifying education expenses*

♥ Designated beneficiary must be under 18 when contributions are made

♦ To contribute to an ESA, certain income limits apply*

♠ Contributions are not tax deductible

♣ Contributions are allowed regardless of traditional or Roth IRA participation

♥ $2,000 maximum annual contribution per child

♦ The money must be withdrawn by the time beneficiary turns 30

♠ The ESA may be transferred without penalty to another member of the family

*Consult a tax advisor.

Financial independence awaits ... let’s get started.