Individual Retirement Accounts
IRAs are a great way for many people to save on taxes while preparing for the future. We offer several IRA products, and one is just right for you. A small annual trustee fee will apply.
- Traditional IRA You can invest up to $5,500 ($6,500 if you are 50+) a year total combined contribution to Roth and Traditional IRAs (or 100% of compensation, whichever is less). The dividends you earn are tax deferred. See your tax advisor, because your contributions may also be tax deferred!
- Roth IRA You can invest up to $5,500 ($6,500 if you are 50+) a year total combined contribution to Roth and Traditional IRAs (or 100% compensation, which ever is less). Contributions can be withdrawn anytime tax and penalty free. Contributions are not tax deductible. You are eligible to contribute to a Roth IRA if you (or your spouse if filing a joint tax return) earn compensation from employment which is less than or within applicable IRS limits.
- Coverdell Education Savings Account (formerly the Education IRA) Contributions to a Coverdell ESA can be made for a child under age 18 and used until he or she turns 30. Contributions up to $2,000 are permitted for all accounts opened on the child's behalf. Withdrawals for qualified higher education expenses are tax free.
- Rollover IRA If you leave your current employer and need a place for your qualified retirement funds, you can "direct rollover" it into an IRA. Remember, there is no income tax withholding on a qualified retirement plan that is moved to an IRA through a direct rollover.
- SEP Our Simplified Employment Pension Plan is an IRA that's perfect for the small business owner. It's a written arrangement with the IRS that allows employers to make contributions to the employee's IRAs. Also great for the self-employed. Speak with a VCCU representative for details.
Open an IRA with Ventura County Credit Union
For more information on our IRAs and rates, stop by your local VCCU office in Ventura, Port Hueneme, RiverPark, Oxnard, Camarillo, Thousand Oaks, Moorpark and Simi Valley, California or call us at 805.477.4000.