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IRA

Individual Retirement Accounts (IRAs) are accounts designed to help you save specifically for retirement. An IRA is an excellent investment if Social Security and pension plans won’t be enough to support your lifestyle and provide financial security when you reach retirement.

Accentra IRAs feature the following:

A choice of Traditional or Roth
Minimum opening deposit of $20.00
Dividends compounded and credited quarterly
No administration fees or monthly service charges
Direct deposit services
Free 24/7 access through Mobile Banking, Online Banking, and Call24
Federally insured by the National Credit Union Administration (NCUA) at an additional $250,000 above the $250,000 of insurance on other deposits at the credit union

If you’re not sure which IRA is right for you, here are a few things to consider:

	Traditional IRA	Roth IRA
Age	Must be under age 70 1/2	No age limit
Earned Income	Required to contribute	Required to contribute
Contribution Limits	Subject to change yearly by the IRS	Subject to change yearly by the IRS
Contributions	May be tax deductible	Not tax deductible
Earnings	Grow tax-deferred	Grow tax-free
Distributions	Required beginning the year you reach 70 1/2	Not required
Taxes	Must be paid on all distributions	After the first five years distributions are typically tax-free

If you have any questions regarding IRAs or if you are interested in opening one, please contact a Financial Services Representative at your nearest Accentra branch.