This savings account has all the benefits of the regular IRA (Individual Retirement Account). Plan for your retirement today with earnings higher than a regular savings account. Our IRA program offers tax savings,* tax deferral,* and access to your funds, if needed. The length of term is not fixed, which provides you greater financial flexibility. There are no monthly or annual fees. Standard IRA rules apply.
* Because individual circumstances may vary, consult your tax advisor.
There's no time like now to open your Roth IRA. This IRA is nondeductible for tax purposes, but earnings accumulate tax-free. Distributions from a Roth IRA held for at least five years are tax-free if used for a qualified purpose. Qualified distributions include: a first home purchase (up to $10,000), higher education, reaching the age of 59 1/2, and death or disability. Roth IRAs are available as share savings accounts and are insured separately from your other accounts up to $250,000 by the NCUA. Now you have more choices than ever when it comes to saving for the future. Take advantage of your options and open a Roth IRA today!
The Education IRA helps parents and family members to save for a child's education. Contributions to an Education IRA are not tax-deductible, however, the earnings do grow tax-free. The maximum contribution per child each year is $2,000. The money in the account must be used to pay for college expenses or a 10% penalty and income tax may be assessed against the earnings. Education IRAs are available as share savings accounts and are insured separately from your other accounts up to $250,000 by the NCUA. Money left after one child has finished college can be used to pay for another child's college costs. Start investing today in the educational future of the special children in your life.
AIM Credit Union does not provide tax or legal advice. You should contact your tax or legal advisor for advice regarding your situation.