Individual Retirement Accounts
Today is the day to start saving for your future!
Western Sun Federal Credit Union offers several Individual Retirement Account (IRA) options as a way to supplement your income when you retire. Because you are a member of Western Sun, you will not pay a monthly or annual maintenance fee and it only takes a minimum of $50 to open your account. The compounding interest you earn is tax-deductible and deposits are often tax-deductible as well. In addition, Western Sun offers you other IRA's to choose from that are more specifically designed to meet particular needs. Click here to be linked to IRA Rates page.
Recently, the NCUA increased the insurance provided to members with an IRA. Now, your funds are insured up to $250,000 per account holder.
Roth IRA's
Unlike traditional IRA's, contributions to a Roth IRA are not tax-deductible. However, withdrawals are tax-free, including all earnings if the account has been open for a minimum of five years and if the earnings are withdrawn for one of the following reasons:
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You are over 59 1/2 years old;
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Funds are going to your beneficiary upon your death;
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You have become disabled; or
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You are using funds for a first-time home purchase (up to $10,000).
Education IRA's
The Education IRA is a type of tax-advantage savings account designed to pay for qualified education expenses. Withdrawals are tax-free for qualified educational expenses. Contributions of $2000 a year per beneficiary are allowed for children under 18
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