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IRA Savings

What It Is A long-term, dividend-paying savings account with the expressed purpose of saving for retirement.
What It Does Allows you to save for retirement in a safe, insured account that offers tax benefits depending on the type of account
Who Is Eligible

TRADITIONAL
Anyone under age 70 ½ who has income from compensation, or anyone who has received a distribution from a qualified retirement plan and decides to roll over the proceeds of the plan into an IRA

ROTH
Anyone who has income from compensation, with MAGI up to $105,000 for single filers and up to $166,000 for joint filers. Reduced contributions allowed for higher incomes.
Types -Traditional
-ROTH
-SEP (Simplified Employee Pension)
-Coverdell Education Savings
Minimum Deposit $100.00
Minimum Balance
to Earn Interest (APY)

$0.01
Monthly Service Fee NO
Dividends Paid

YES
Quarterly
Tiered Rate NO
How Often Can
APY Change		 Quarterly
Limit on Withdraws
or Transfers

YES
Revoking

Can only be revoked within 7 days after receiving disclosure statement
Withdraw Fee

Taxes/penalties may apply to withdrawals depending on type of IRA, when the withdrawal occurs, and what the withdrawal is for.
Balance Method

Daily - meaning dividends are calculated by applying a rate to the balance in the account each day.
Closing Fee $50.00 if closed within 365 days of opening. No fee if account has been open less than 7 days or more than 365 days.
Contribution Limit

Varies each year
Dormant Fee NO
Special
Characteristics		 -Can choose to contribute under previous tax year prior to April 15th of
current year.
-Must designate percentage of distribution for beneficiaries, if applicable
-IRA Disclosure Statement details further limitations & benefits
-Must be single ownership - no joint IRAs
-Insured up to $250,000 by NCUA and are insured separately from other
share accounts
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