IRA's. You know what they are. You think you should have one. The question is, which one is right for your retirement? For more than five years, retirement-minded individuals have had the option of choosing between the tax-deductible benefit of a traditional IRA and tax-free earnings growth of a Roth. Both are powerful savings tools, but to maximize the benefits of an IRA, you should determine which one best fits your retirement plan. Contact a Financial Service Representative today for more information.
| Annual IRA Contribution Limit |
2008
|
2007
|
| |
$5000
|
$4000
|
| Other Contribution Limits |
|
|
| Over 50 catch-up contribution |
$1000
|
$1000
|
Coverdell Education Savings
Qualified members can contribute up to $2000 per year for each child up to age 18, as long as they did not make any contribution to a state tuition program for that child during the same year. Withdrawals are tax- and penalty-free when used for qualified higher-education expenses for the child. Funds can also be transferred from one child's account to the account of another child in the family who is under 30 years of age.
IRA Certificate
We are also proud to announce that we now have an IRA Certificate. The New IRA Certificate will be a 24 month CD with a $2500 Minimum Balance and the rate is the same as our regular certificate. You must have an IRA savings with SouthPoint Federal Credit Union to open an IRA Certificate.
