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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.

RATES

  • 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

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  • Principal contributions can be withdrawn without penalty*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

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.