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  Savings & Investments  
 

Share Certificates

Share certificates are term savings accounts. We offer a six month certificate with a minimum balance of $5000, and a 12 month with a minimum balance of $10,000. Special rates and terms are sometimes available.

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Traditional IRA's

Who can contribute?
Anyone under the age of 70 1/2 who has income from compensation (or who is filing jointly with a spouse who earns compensation)

How much can I contribute?
Total combined contributions to Roth and Traditional IRA's up to $4000/yr (or $5000/yr if age 55 or over), or 100% of compensation, whichever is less

What are the tax advantages?
Earnings grow tax-deferred until withdrawn and contributions may be tax-deductible

When can I withdraw without restrictions?
Qualified higher education expenses, 1st time home purchase, age 59 1/2, Disability, qualifying medical expenses, payment to beneficiaries upon owner's death and payment of health insurance premiums while unemployed.

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Education IRA's

Who can contribute?
Same eligibility requirements as the Roth IRA, except that the contributors income does not have to come from compensation. Contributions not allowed once the beneficiary of the IRA reaches 18 and in any year that a contribution is made to a state tuition program for the same IRA beneficiary. No more than $2000 total each year on each child's behalf. No one can deduct contributions. Withdrawls for qualified higher education expenses are tax free.

When can I withdraw without restrictions?
Withdrawls are tax & penalty free only for qualified higher-education expenses. Funds can be transferred from 1 childs account to another child in the family.

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Roth IRA's

Who can Contribute?
Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following MAGI*. Up to $95,000 for single filers and up to $150,000 for joint filers, Reduced contributions allowed for higher incomes. Total combined contributions to Roth and Traditional IRA's up to $4000/year or 100% of compensation, whichever is less. No one can deduct contributions

What are the Tax Advantages?
Most contributions can be withdrawn tax and penalty free at any time, after the account has been open 5 tax years, earnings can be withdrawn tax and penalty free for any of these reasons: age 59 1/2, disability, death, or a 1st time home purchase.

Earnings can be withdrawn penalty free for the same reasons as those for penalty free withdrawls from traditional IRA's (withdrawl may be subject to tax). Earnings are tax free if account is open 5yrs & withdrawn for qualified reasons.

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This credit union is federally insured by the National Credit Union Administration.
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