Thursday Mar 11
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  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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