Individual Retirement Accounts are a sound and versatile way to prepare for a smooth financial transition to life on a fixed income. We offer flexible programs,
competitive rates with no maintenance costs. Plus, your IRA accounts are federally insured up to $250,000!
Traditional IRAs* - [Sign up]Compound the growth of your money and avoid taxes on the interest earned until you begin withdrawals. Contributions may be tax-deductible. We offer IRAs as both regular share accounts with no term requirements (except those imposed by law) and Share Certificates earning higher yields for the long term.
A Traditional IRA share account requires no minimum deposit. However the Traditional IRA Share certificates require the same modest $500 minimum deposit as regular share certificates. With terms ranging from 6 months to 3 years, you'll be able to choose the term which best serves your needs.
Traditional Bump-Up IRAs* - [Sign up]These certificates offer the same valuable tax benefits as Traditional IRAs plus the option of "bumping-up" to a higher yield in a rising-rate environment. With a minimum balance of $500 and terms of 24 and 36 months, you receive a fixed-rate until you opt to "bump-up" to the current 24 or 36 month IRA certificate rate once before maturity.
Roth IRAs* - [Sign up]A non-deductible IRA. Your after-tax contributions and earnings accumulate tax-free and may be withdrawn tax-free after five years if you´ve reached age 59 1/2. We offer Roth IRAs as both regular share accounts with no term requirements (except those imposed by law) and Share Certificates earning higher yields for the long term. Generally, the Roth IRA program would be most beneficial to younger, more affluent members.
The Roth IRA requires no minimum balance. However Roth IRA Share certificates require the same modest $500 minimum deposit as regular share certificates. With terms ranging from 1 - 3 years, you'll be able to choose the term which best serves your needs.
These certificates offer the same advantages as Roth IRAs plus the option of "bumping-up" to a higher yield in a rising- rate environment. With a minimum balance of $500 and terms of 24 and 36 months, you receive a fixed-rate until you opt to "bump-up" to the current 24 or 36 month IRA certificate rate once before maturity.
Not sure which program is best for you? Just having a few choices can be confusing. Add to the mix other types of investment programs available for retirement planning and making decisions can become overwhelming. NRL Federal Credit Union offers
Financial Strategies and Investing Services through CFS** where we can assist you with developing your retirement plan.
Contact us with your questions.
*Always consult your tax advisor. Certain income restrictions apply. Early withdrawal penalties may apply in addition to IRS imposed penalties. Come in to speak to an Member Service Consultant for complete details.
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** Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. NRLFCU has contracted with CFS to make non-deposit investment products and services available to credit union members. CFP and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements. |
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