Discover all the advantages of an IRA
While IRAs are an outstanding way to save for retirement, today’s IRAs can also do a lot more. From paying for education costs to saving for your first home, Nuvision Credit Union offers different IRA types that can help you save for other life goals on a tax sheltered basis. Review your options below.
Traditional Savings
With an opening deposit requirement of just $50, our traditional savings account offers you monthly dividends plus access to all of our Nuvision products and services, including checking, loans, mortgages and more.
Roth IRA
Contributions to Roth IRAs are made with after-tax dollars, so you can take tax-free withdrawals at a later date. There are no mandatory withdrawal requirements, and you can withdraw the contribution (not the earnings) at any time without a penalty or tax bill. If you’re age 59 1/2 or older, you can begin making penalty and tax-free withdrawals after the account has been opened for five years. Contribution limits are the same as traditional IRAs, but Adjust Gross Income requirements apply. Ask us for details.
Coverdell Educational Savings
Whether you want to save for yourself or a family member, a Coverdell Educational Account makes it easy to defray qualified educational costs for any type of schooling. You can contribute up to $2,000 in after-tax dollars each year, with no tax due on qualified withdrawals. The tax-free benefit extends to dividends you’ve earned, which helps you maximize your return.
SEP IRA
Offering a secure retirement plan can be a major incentive to your employees. A SEP IRA makes it simple and rewarding for all parties. Employers can deduct the contributions made on their employees’ behalf, while employees receive the same tax advantages as a traditional IRA. Nuvision can help you arrange a SEP IRA that maximizes the long term benefit to your business.
