Plan Ahead with an Individual Retirement Account
It is never too early to start saving for the future. An Individual Retirement Account (IRA) may offer tax savings and higher dividends as well as help you supplement a 401(k) or other employer sponsored plan. Set up payroll deductions or automatic payments for easy, consistent contributions to your IRA all year long. Progressions Credit Union has choices such as an IRA Savings or Certificate and all accounts are federally insured by the NCUA up to $250,000.00.
Which IRA is right for me?
- Anyone under age 70 ½ with earned income may contribute up to $6,000.00 or up to $7,000.00 if you are age 50 or older. Limits could be lower based on your income.
- Earnings are tax deferred.
- Distributions allowed at age 59 ½ with no IRS penalties.
- Required minimum distributions at age 70 ½.
- Income restrictions apply to participate.
- Contribute up to $6,00.00 or up to $7,000.00 if you are age 50 or older. Limits could be lower based on your income.
- Qualified tax free distributions from Roth IRA’s occur if you have owned a Roth IRA for at least five years and you are 59 ½ or older, disabled, a first-time homebuyer, or deceased.
*Limits could be lower based on your income and other restrictions may apply. Consult with a Tax Advisor for more information on the best option for you, then contact us to open your IRA or to rollover an existing plan held with another financial institution.
Progressions Credit Union offers more accounts with tax benefits to help pay of Educational Expenses. Find additional information about these accounts on our Youth Page.
” We have entrusted our financial dealings with Progressions Credit Union for over twenty five years. We opened our first accounts when Brian was a casual-hire letter carrier and maintained our relationship with PCU through his entire career. We are retired now and living in Chicxulub, Yucatan, Mexico, which comes with its’ own unique set of issues when dealing with everyday finances. Almost every employee at the Mission Ave. branch knows us by voice recognition, from Shannon and Dionne on the teller line, to Barb, Loretta and Hanna in various other parts of the credit union. They have all helped us with everything from wire transfers for a new car here in Mexico, to everyday inquiries about activity on our accounts. The people that PCU calls employees are more than that. They are the lifeblood of the institution and their efforts and exemplary customer service are what make PCU such an incredible place with which to entrust our money and other financial services”Brian and Connie