IRA

For a fully dependable and safe retirement plan, consider Chessie Federal Credit Union’s Individual Retirement Account (IRA). This product enables you to set aside money for retirement. Members may be able to deduct from their taxes their contributions to an IRA in whole or in part, depending on their circumstances. Your credit union offers you a number of IRA’s:

TRADITIONAL
COVERDELL EDUCTIONAL
ROTH
IRA CERTIFICATE

TRADITIONAL IRA has been around since 1974 when the U.S. Congress created this retirement saving program. You can set up and contribute to a traditional IRA for a particular tax year if he or she received taxable compensation during the year and was not age 70 ½ by the end of the year. You need also to contact your tax adviser for specific tax rules.

COVERDELL EDUCATIONAL IRA was established to help in fighting the growing expense of higher education. This IRA allows you to deposit $2,000 per year per beneficiary until age 18. The earnings from the IRA is not taxable, but the contribution is taxed the year it’s deposited. It is very important to contact us if you have any question and please visit our RATE screen.

ROTH IRA was established to make it less expensive to withdraw your money in case of an emergency. The guidelines are available by contacting us. CLICK membership information.

IRA CERTIFICATE this product works just like a regular share certificate, but one difference is that it also has the ability to be a tax-shelter like an IRA.

Click here to check out our rates or call us at 1-800-437-1057 ext. 114