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All About IRAs
Can
my spouse and I both contribute to IRA's?
How do I save money by rolling my pension plan payout
into an IRA?
Why should I have an IRA at the credit union?
General Information
Can
the Credit Union take care of all my financial needs?
Is
my money SAFE?
What's so special about Credit Unions?
All
About IRA's
Can
my spouse and I both contribute to IRA's?
If you and your
spouse want to put money into traditional or Roth IRA's, your contributions
can total $4,000 or your combined compensation , whichever is less. But
the maximum contribution for each spouse can't exceed $2,000 per year, so
you'll need at least two separate IRA's to contribute the full $4,000. If
you don't earn compensation, but your spouse does, you still may be eligible
to contribute to a traditional or Roth IRA based on your spouse's earnings.
Keep in mind that you must earn under $95,000 on a single tax return and
under $150,000 on a joint tax return in order to contribute the full $2,000
to a Roth IRA. You can still make partial contributions to a Roth with income
up to $110,000 as a single filer and $160,000 as a joint filer. While there's
no age limit on contributions to Roth IRAs, you can't contribute to a traditional
IRA for the year you reach age 70 1/2 or later years. Also, there are some
limitations on tax-deductible contributions to traditional IRAs.
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How
do I save money by rolling my pension plan payout into an IRA?
Suppose you
receive a pension plan payout of $10,000. If you cash out of the plan, $2,000
would immediately go to 20% mandatory federal withholding. You could also
owe a 10% early withdrawal penalty if you're under age 59 1/2.
All of this can be avoided with a direct rollover from your retirement plan
to a traditional IRA at the credit union. And here's an extra bonus: Your
money will keep working for you and your goals in a tax-advantaged, secure
retirment account.
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Why
should I have an IRA at the credit union?
There's a lot
more to having an IRA than just getting tax advantages. It's your future,
the key to your goals. You'll never have to worry about taking chances with
that future when your IRA is at the credit union. Your savings are secure,
and your money will always be there when you need it. Here are some of the
benefits of a credit union IRA:
Competitive rates
Low or no annual maintenance fees
Insured deposits
Payroll deduction to simplify contributions
Low minimum deposit requirements
Personal answers to your questions
One-stop shopping for all your financial services
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General Information
Can the Credit Union take care of all my financial needs?
For many people, yes. We offer a full line of deposit services
- savings accounts, share draft accounts, Certificates of Deposits, IRA's,
and much more.
We also offer many types of loans - for cars, boats, home improvements and
more. Plus, you'll appreciate our low interest rates!
Your Credit Union has three main functions:
Help you save regularly
Loan money at fair interest rates
Advise you on how to use money wisely.
Why not visit with one of our member service representatives today and see
if the Credit Union isn't the answer to your financial needs?
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Is my money SAFE?
Absolutely. Our Credit Union is chartered under the terms
of the State of Ohio, Division of Financial Institutions and supervised
by the National Credit Union Administration (NCUA).
Each member's savings are insured to the full legal limit by the National
Credit Union Share Insurance Fund (NCUSIF).
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What's
so special about Credit Unions?
Unlike other financial institutions, Credit Unions are owned
and run by its members. MEMBERS make up the Board of Directors, who manage
and elect the officers to handle the business and operation of the Credit
Union. MEMBERS make up the Credit Committee which decides on loans that
are made. MEMBERS make up the Supervisory Committee which makes sure the
Credit Union is run correctly.
Are you getting the idea that it's the MEMBERS who make the Credit Union
special? That's absolutely right! Our members are joined by a common bond
and we will serve ONLY our members. There are no outside stockholders -
all net earnings after expenses are paid out to our members in dividends.
That means your savings grow faster.
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