Relax, Knowing You’re Covered.
Does the idea of saving for retirement sound daunting to you? What about furthering your education for you or your kids?
Don’t worry; we can help you save for a relaxing retirement or school, where you are financially free to reach all your goals and hopes. It’s never too early to start saving for your future.
An Individual Retirement Account (IRA) could offer you tax savings and higher dividends in addition to supplementing a 401(k) or other employer-sponsored plans. Set up payroll deductions or automatic payments for easy and consistent contributions to your IRA.
Read the differences between a Traditional IRA* and Roth IRA* to the right.
“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.”
Ready to start saving for the future?
Traditional IRA*
- Contribute up to $7,500.00 if you have an earned income
- Or contribute up to $8,600.00 if you are ages 50+
- Lower limits are available based on income
- Earnings are tax-deferred
- Distributions allowed at age 59 1/2 with no IRS penalties
- Required minimum distributions (RMD) beginning the year you turn age 73 (or age 72 for those born July 1, 1949 to December 31, 1950, or age 70 1/2 for those born on or before June 30, 1949). Your beneficiaries will also be subject to required distributions.
Roth IRA*
- Income Restrictions apply to participate
- Contribute up to $7,500.00 if you have an earned income
- Or contribute up to $8,600.00 if you are ages 50+
- Lower limits are available based on income
- Qualified tax-free distributions from Roth IRA’s occur if you own a Roth IRA for 5+ years and are ages 59 1/2+, disabled, a first-time homebuyer or deceased
Educational Savings IRA*
A Coverdell Education Savings Account (ESA) is a tax-favored account that helps pay for qualifying college and K-12 education expenses. Earnings on contributions may be tax-free and qualifying withdrawals are tax and penalty-free.* You can even easily change beneficiaries should education priorities change.
ESA Requirements
• The beneficiary must be under the age of 18 unless they are special needs
• All funds must be used by age 30
• Responsible individual on the account must be a parent or legal guardian of the beneficiary
• Annual contribution maximum is $2,000
*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.
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