Greater Woodlawn Federal Credit Union

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IRA Accounts

At Greater Woodlawn Federal Credit Union, we want to help you save the money you need for a comfortable future through investing in an Individual Retirement Account. An IRA is a tax-advantaged savings plan built around your individual needs. It's easy to start, affordable, and can make a world of difference in retirement living.  

 

We offer the following:

 

Traditional IRAs


Traditional IRA contributions may be tax deductible depending on income levels and existing plans. Contributions may be made up to $5,000 per year including any deposits to a Roth IRA. Catch up contributions of an additional $500 per year may be made by owners over age 50. Contact your nearest branch for additional information and restrictions that may apply.


Coverdell Educational IRAs

 

Coverdell Educational IRAs can be established for a child under 18 to pay higher education expenses. Contributions can be made up to $2000 per year. Earnings accumulate tax-free and withdrawals will be tax-free if used for educational expenses before the child is age 30.

 

Roth IRAs

 

Roth IRAs are funded with nondeductible contributions of up to $5,000 per year including deposits to a Traditional IRA. Withdrawals of contributions are tax- and penalty-free at any time. Earnings accumulate tax deferred and withdrawal of earnings will be tax free if they meet the conditions of a qualified withdrawal. Catch up contributions of an additional $500 per year may be made by owners over age 50. Contact your nearest branch for additional information and restrictions that may apply.


We offer share and share certificates for the IRA accounts. For your convenience deposits can be made by mail, in person, or by payroll deduction.

 


 


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