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Home > Invest & Insure > Individual Retirement Accounts
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Whether you're just staring a career, or already in retirement, the decisions you make today will help to shape your future. Save for retirement and enjoy potential tax advantages during your working years
with an ChevronWest Credit Union Individual Retirement Account (IRA). We offer a variety of programs. All are fully insured by the NCUA up to $250,000 per account and have no fees or maintenance charges. Click on Savings Rates for current rates on deposit accounts.
As millions of Americans have already discovered, IRAs are one of the best savings tools available today. More people than ever before are now eligible to take advantage of the incredible tax advantages available through IRAs.
Choose from three kinds of IRA:
Traditional - The Traditional IRA requires no minimum balance or fixed term. This account allows you to earn higher yielding dividend rates that are tax-deferred until withdrawn. It's a terrific way to save for retirement through convenient periodic deposits.
- Annual contributions to a Traditional IRA are currently $5,000. Investors age 50 and over can make additional "catch-up" contributions
- Contribution is tax deductible to income limit restrictions. Taxes on both contribution and earnings are paid at the time of withdrawal.
- Distribution is mandatory at 70-1/2
- May be subject to 10% penalty if withdrawals are made prior
Roth – Any individual or spouse, employed or not, with no age restriction, can contribute up to $5,000 per year in after-tax dollars in a Roth IRA. While the contribution is not tax-deductible, all earnings are tax-free!
- The funds must remain in the account for a minimum of five years.
- Funds may be withdrawn for any purpose, starting at age 59 1/2, without paying any taxes whatsoever.
- Terms available ranging from 12 months to 60 months.
- Account may be retained after 70-1/2
- Earnings on contributions may be subject to 10% penalty if withdrawals are made prior to age 59-1/2
- Investors age 50 and over can make additional "catch-up" contributions
Certificates -
An IRA Certificate offers members the opportunity to deposit their IRA monies
into a Certificate Account. IRA Certificates may be opened with a minimum
balance of $500 at terms from 12 to 48 months. You select the term that is right
for you. The longer the term, the higher the dividend rate for added
tax-deferred earnings. IRA Certificates offer the following:
- Receive a higher rate of return
- Flexible terms from 12 months to 60 months
- No annual fees for administering the account
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