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 5 years and now there's even a 7-year option, 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 Your after-tax contributions and earnings accumulate tax-free and may be withdrawn tax-free after five years if you´ve reached age 59 1/2.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 - 5 years and now there's a 7-year term available, 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. Please call 301-839-8400 or 800-526-6661 or e-mail
info@nrlfcu.org 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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**Products and services offered through CUSO Financial Services, L.P. (CFS), an independent broker/dealer are not NCUA or NCUSIF insured, not credit union guaranteed and may lose value. Investment Representatives are employees of NRL Federal Credit Union and registered through CFS (Member FINRA/SIPC). |
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