IRAs
Each passing year bring us wisdom. Whether retirement is way down the road or just around the corner, you're definitely wise enough to know that it's the right time for a long-term saving strategy.
You have your sights set on travel and adventure.
Or maybe something slower.
Either vision of your golden years sounds good to us. Whether you're drawing up a mile-long bucket list or dreaming of lazy afternoons, you'll need enough money to fund your lifestyle. An Individual Retirement Account - with steady earnings and dollar-stretching tax benefits - from UVA Community Credit Union is a great way to save.
- Contribute up to $7,000 per year ($8,000 if age 50 and over)
- Choose from Traditional or Roth IRAs, or Simplified Employee Pension (SEP) plans
- With a Traditional IRA, you may be able to take a tax deduction each year you make a contribution
- With a Roth IRA, all qualified withdrawals are tax-free
- An SEP is a type of Traditional IRA designed for self-employed workers and small business owners
- IRA Rollovers are also available if you want to consolidate all your retirement savings into one account
- Consult your financial advisor or UVA Community Credit Union representative for more details
Money to make every moment count.
- Traditional and Roth IRAs available
- SEPs for small business owners
- Coverdell accounts for education savings
- All accounts feature a range of tax benefits
Savings Options for IRAs
These accounts are often called "Education IRAs" because they share many of the same tax benefits as regular IRAs. Funds can be used to cover the costs of private elementary and secondary schools or higher education.
- Contribute up to $2,000 per year per student, up until age 18
- Contributions can come from any family members - parents, grandparents, aunts and uncles, etc.
- Funds can be used for qualified educational expenses, including tuition, room and board, academic fees, and equipment such as laptop computers
- All annual interest income and dividends are tax-exempt and all qualified withdrawals are tax-free
- ESAs are compatible with other education savings strategies, such as 529 Plans
- Minimum balance of $100 to earn dividends
- Variable interest rate
- Unlimited deposits permitted up to annual total defined by the IRS
- Dividends calculated monthly and compounded quarterly
- Funds protected by National Credit Union Administration
- Minimum deposit of $500
- Choice of savings terms
- Higher dividend rates than most standard savings accounts
- In general, longer term Certificates have the highest dividend rates
- Early withdrawal can mean the loss of interest income
UVA Community Credit Union is a full-service financial institution with locations throughout Virginia's Central Piedmont and Valley area.
Resources for success.
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Membership eligibility required. Minimum ongoing balance of $5 is required in a UVA Community Credit Union Share Savings Account.