Individual Retirement Accounts
IRA's 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.
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, which ever is less). The dividends you earn are tax deferred. See your tax advisor, because your contributions may also be tax deferred!
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 Contributions can be withdrawn anytime tax and penalty free.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. No more than $2,000 total each year for all accounts opened on the child's behalf. Withdrawals for qualified higher education expenses are tax free.
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.
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.