Louviers FCU offers both Traditional and Roth Individual Retirement Accounts (IRAs). You may choose to allocate funds within your IRA to an IRA Share Certificate, earning a specific rate for a specific term. IRA funds not invested in an IRA Share Certificate will remain in an IRA Accumulation Account, earning a variable rate. The minimum deposit to start an IRA is $2500. IRA Accumulation Account dividends are compounded monthly. View our current rates.
A traditional IRA offers tax-deferred earnings and the possibility of tax-deductible contributions. These tax advantages make the traditional IRA a powerful tool in creating a balanced, long-term savings plan. You can contribute to a traditional IRA if you earn compensation and will not reach age 70 ½ by the end of the year. Earnings in a traditional IRA are not taxed until they are withdrawn. The ability to defer taxes on the earnings, and to withdraw in a year when you may be in a lower tax bracket, can mean more after-tax dollars for your retirement.
A Roth IRA offers generous incentives to boost your retirement savings. Unlike traditional IRAs, contributions to a Roth IRA are never tax-deductible. However, the money in your Roth IRA, including earnings, can be withdrawn tax-free, if you qualify for this advantage. You are eligible to contribute to a Roth IRA if you earn compensation and your income is less than the limit set by Congress. If your income is too high, you may be able to make a smaller contribution. Please check with your tax professional for current figures.
For more information on IRAs including annual contribution limits and withdrawal procedures, please reference the Internal Revenue Service.
* All deposits are insured up to $250,000 by the National Credit Union Administration. Rates and information are subject to change at any time.