You’ll
earn the highest market rates available
and, if
rates increase during the term of your
certificate, you may bump your rate up
one time. Your dividend rate cannot bump
up above 1.50% of the original dividend
rate.
You’ll
enjoy saving money in a variety of ways:
possible tax savings on contributions
and no annual maintenance fee attached
to
your account.
You may deposit up to $8,000.00 annually
(no more than $4,000.00 per account)
per working couple. A non-working spouse
may
also contribute up to 4,000.00 when filing
jointly with the wage earner.
You may contribute to a roll-over IRA
within 60 days of receiving funds from
another
IRA, pension plan or profit sharing
account in
order to continue your tax savings.
You’re allowed to make catch-up contributions
if you’re over 50 years old.
Contributions may be made in any
amounts up to this maximum at any
time before
April 15 th (or the tax return
deadline) for
the previous year.
You
may begin making withdrawals as early
as age 59 ½. The withdrawn amount
is reported as taxable income only in the
year it’s received. Any withdrawals
you make prior to age 59 ½ will
have a 10% penalty attached by
the IRS unless
the withdrawal meets the criteria
one or more of the limited exceptions
approved by
the IRS.
Mandatory
distributions of funds begin the year
you turn 70 ½.
You’ll
pay no annual maintenance fee on this
investment and quarterly statements
will allow you to monitor
your earnings easily and often.
Your
funds are safe—they’re federally
insured by the National
Credit Union Administration up to $100,000
for combined checking, savings
and certificate deposits
and an additional $250,000 for your IRA.
In the event of your death,
your beneficiaries will
receive the
balance in your IRA. |
