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IRA's
An IRA is a safe, simple way to save money for retirement. You may choose between an IRA Saving Account or an IRA Saving Certificate. IRA Saving accounts do not have a minimum deposit requirement. IRA Saving Certificate accounts require a $100 minimum investment, pay the same dividend rates as regular Certificates and offer the same terms. Please seek advice from your tax advisor for details or recent updates to new tax laws. All IRA's are insured separately from other credit union accounts up to $100,000 by the NCUSIF. IRA's have numerous investment options.
Traditional IRAs
Since taxes on your earnings are deferred until the time of withdrawal; your money is working its absolute hardest.
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Tax deductible contribution (Refer to your tax advisor for details). Higher limit if age 50 or older. |
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Rocky Mountain Law Enforcement FCU offers both regular saving IRA accounts as well as IRA certificates. |
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No fees to open, transfer or roll over to the credit union. |
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All IRAs are insured separately from other credit union accounts up to $100,000 by the National Credit Union Share Insurance Fund (NCUSIF). |
NOTE: Please seek advice from your tax advisor for details or recent updates to new tax laws. |
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Roth IRAs
Although Roth IRA contributions are not tax-deductible; you pay no taxes when you withdraw the money, with some provisions. |
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Contributions are not tax-deductible. Instead, you pay no taxes when you withdraw the money, provided it has been in the account at least five years and: you are older than 59-1/2, or you become disabled, or you die and it's paid to your beneficiary, or you use the money for a first-time house purchase ($10,000 lifetime withdrawal limit). |
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There are no age limits for withdrawal. You can let the money keep working, while earnings continue to grow tax-free, for as long as you like. Contributions: Single filer, if income is less than $95,000. The contribution limit gradually falls as your income climbs toward $110,000, at which point you can't contribute. Joint filers, the income spans from $150,000 to $160,000. |
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Rocky Mountain Law Enforcement FCU offers both regular saving IRA accounts as well as IRA certificates. |
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No fees to open, transfer or roll over to the credit union. |
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All IRAs are insured up to $100,000 by the National Credit Union Share Insurance Fund (NCUSIF). |
NOTE: Please seek advice from your tax advisor for details or recent updates to new tax laws.
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Coverdell Education Savings Account (formerly Education IRA)
Allows you to save for any post secondary education by investing up to $2,000 a year per child younger than age 18.
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Contributions are not tax-deductible. Instead, earnings grow tax-free and you pay no taxes or penalties on money withdrawn to pay for any qualified higher-education expenses before the beneficiary reaches age 30. Otherwise, you pay taxes on earnings, plus an additional 10% penalty. |
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Rocky Mountain Law Enforcement FCU offers both regular saving IRA accounts as well as IRA certificates. |
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No fees to open, transfer or roll over to the credit union. |
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All IRAs are insured up to $100,000 by the National Credit Union Share Insurance Fund (NCUSIF). |
| NOTE: Please seek advice from your tax advisor for details or recent updates to new tax laws. |
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Fee Schedule
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