Individual Retirement Account (IRA). It’s your future. We just help you plan it.

From retirement to education and more, an IRA is the answer.

We all need to save for retirement, regardless of how young or old you are. Generations offers you a number of options when it comes to choosing an IRA account that suits your needs. Whether you’re saving for the future or sending yourself or your child to school, consider the tax efficiencies of an IRA.

There are multiple IRA options to fit your savings needs:

  • Traditional IRA
  • Roth IRA
  • Coverdell Education IRA

Traditional IRA

  • Typically used as long-term savings tool
  • Your money grows on a tax-deferred basis, with limitations
  • You can make contributions to your IRA that may be tax deductible even if you're contributing to an employer-sponsored plan
  • You can get to your money without a penalty at age 59 1/2
  • For 2016, the maximum you can contribute to all of your Traditional and Roth IRAs is $5,500 ($6,500 if you’re age 50 or older) or your taxable compensation for the year, whichever is less.
  • See our Traditional IRA FAQs.

Roth IRA

  • Can be used for retirement, first-time home purchase, education and medical expenses
  • Roth IRAs allow you to pay taxes on your contributions up front by using after-tax dollars. This means you'll pay no taxes when you take distributions
  • There is flexibility to withdraw a portion of your money before starting a new phase of your life
  • Eligible to participate even if you’re contributing to an employer-sponsored plan
  • For 2016, the maximum you can contribute to all of your Traditional and Roth IRAs is $5,500 ($6,500 if you’re age 50 or older) or your taxable compensation for the year, whichever is less.
  • Looking to switch your traditional IRA to a Roth IRA? Here’s what you need to know.

Coverdell Education IRA

  • A great tool for a child's future education expenses
  • Contributions are not tax-deductible. Family may contribute to a child's education IRA
  • Earnings and withdrawals are not taxable, and can be taken out when used for certain education expenses.
  • Age considerations: child must be under the age of 18

Ready to open your IRA account? Make sure you determine your IRA eligibility and understand distributions to ensure you’ve chose the right IRA for you.

Early Withdrawal Provisions: We will impose a penalty if you withdraw any of the funds before the maturity date. For accounts having a term of 365 days or less, the penalty imposed will be 90 days of dividends on the amount withdrawn.  For accounts having a term greater than 12 months up to 24 months, the penalty imposed will equal 180 days of dividends on the amount withdrawn. For accounts having a term greater than 36 months up to 60 months, the penalty imposed will equal 365 days of dividends on the amount withdrawn.

IRAs

IRA Certificates* Dividend Rate Annual % Yield
 12 Month Traditional IRA  1.00%  1.00%
 18 Month Traditional IRA  1.10%  1.11%
 24 Month Traditional IRA  1.25%  1.26%
 36 Month Traditional IRA  1.50%  1.51%
 48 Month Traditional IRA  1.75%  1.77%
 60 Month Traditional IRA  1.95%  1.97%

*$250.00 minimum balance for IRA certificate accounts required.

12 to 60-month SEP IRAs and Educational IRAs (Coverdell ESAs) are offered at the same above named rate schedule.

Rates are effective as of 06/15/17. Published rates and annual percentage yields (APYs) are subject to change daily.

A penalty will be imposed for early withdrawal. Tax-deferred Certificates may include additional penalties.

Share certificates are available with a minimum deposit of $1,000. IRA certificates are available with a minimum deposit of $250. 6-month IRA certificates are not available.

Annual Percentage Yield (APY) is accurate as of effective date. Rates are fixed for term and interest is compounded monthly. The stated APY assumes principal and interest remain on deposit until maturity. Fees and other conditions could reduce earnings on the account.

Your investments are insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency backed by the full faith and credit of the United States Government.

Rates

Click the titles below to download any of our free IRA and retirement brochures.

Growing Your Savings
Learn more about the many variables that can affect the growth of your savings and what you will need for retirement. We can help you understand your options and set up a retirement savings plan that works for you.

Roth IRAs
Is this IRA type right for you? Unlike Traditional IRAs, contributions to a Roth IRA are not tax-deductible, but the advantage is that these assets can be withdrawn tax free at any time. Learn more about your options with a Roth IRA.

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