Individual Retirement Account

An IRA at Essential FCU is a solid investment in your financial future. We offer our members Traditional, Roth and Educational IRAs at the highest rate of return for your situation.

Every Individual under 70½ who has earned income may contribute part of that compensation to a Traditional IRA. Traditional IRAs offer the advantage of tax-deductibility and you may realize your tax savings up front by deducting the amount of your contribution each year from your federal income taxes, depending upon your income and whether you participate in an employer-sponsored retirement plan, such as a 401(k) plan.

 

TRADITIONAL IRA

 

  • Contributions may be fully tax-deductible;
  • Earnings grow tax-deferred until withdrawn;
  • Early withdrawals can be made penalty-free for qualifying reasons such as higher education expenses, first- time
  • home purchases, qualifying medical expenses and more.


ROTH IRA

  • Contributions are not tax-deductible, but can be withdrawn tax and penalty-free at any time1;
  • Earnings can be withdrawn penalty-free for the same qualifying reasons as Traditional IRA’s;
  • Earnings are tax-free if the account has been open for five years and withdrawn for a qualified reason;
  • And you are not required to begin withdrawals at age 70½.

 

 

EDUCATIONAL IRA

  • Contribute up to $2000 per year on a child’s behalf
  • Contributions are not tax-deductible, but can be withdrawn tax and penalty-free for qualified higher-education
  • expenses;
  • Funds can be transferred from one child’s account to another in the family.

 

 

IRA SHARE SAVINGS ACCOUNT

What do you get when you combine the tax benefits of an IRA with the flexibility of a savings account? You get a new option for saving: an IRA Share Savings Account!

With the IRA Share Savings Account, members just need to keep a minimum balance of $100 to earn above average monthly dividends. 

 

We are ready to help you set up your IRA, or to assist you with the "rollover" of an existing IRA to Essential FCU.

GET STARTED TODAY, contact us at 1.888.369.2207 or visit one of our Branches.

1 You can make withdraws any time after a short waiting period after contribution. Withdrawals are limited to six per month.
Note: The information on this page is intended to be a reference for our members. It in no way should be taken as investment advice. Consult a tax professional on any tax implications concerning any investments