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Southfield Office
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Novi Branch |
| 22250 Providence Drive |
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26850 Providence Parkway
Suite #110
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| Southfield, MI 48075 |
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Novi, MI 48374 |
| (248) 996-6070 |
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(248) 662-0383 |
| Fax: (248) 849-5391 |
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Fax: (248) 662-0385 |
Individual Retirment Accounts (IRAs)
While the stock market is swinging up and down, you can count on a safe, insured Credit Union Advantage IRA for steady growth. Each Credit Union Asvantage accountis fully insured for $250,000 and an additional $250,000 per IRA by the National Credit Union Administration(NCUA).
Many of us dream about how we will spend our retirement, but the question now is, how will we pay for it? Each of us has to plan and invest for our own futures. Experts recommend that you diversify your investments. Consider making a no fee tax-deferred Credit Union Advantage IRA part of your saving plan.
Choose from a Traditional, Roth or Coverdell Education Savings IRA .
The Traditional Contributory IRA grows tax deferred and may allow you a tax deduction, depending on your gross annual income. You may be eligible to contribute up to $5,000 per year . IRA owners age 50 and older may contribute up to $6,000 each year.
The Traditional Rollover IRA allows you to move funds from a company pension plan into an IRA without paying mandatory federal withholding taxes. The earnings on a Rollover IRA also grow tax-deferred.
The Contributory Roth IRA provides for tax-free growth. Contributions are non-deductible, but can be withdrawn without federal penalty or taxation. Earnings can be withdrawn tax-free if done under qualifying IRS regulations.You may be able to contrubte up to $5,000 annually. Owners age 50 and older may be able to contribute up to $6,000. Contributions can not exceed compensation. No one can deduct contributions.
The Conversion Roth IRA lets you move your tax-deferred IRA to a tax-free IRA. Taxes will be due on the amount moved from the traditional IRA.
The Taxpayer Relief Act of 1997 created the Coverdell Education Savings Account. It's sole purpose is to help you pay for your child's education expense. Contributions to a Coverdell are never tax-deductible. However, a Coverdell ESA offers you the potential for tax-free withdrawals-including earnings.
If you have questions concerning eligibility, contribution limits, and IRA withdrawals or distributions, please call our Member Service Department at 248.996.6070 or email MemberServices@cuadvantage.coop for more information.
Page last updated June 23, 2008
