IRA Accounts

At Greater Woodlawn Federal Credit Union, we want to help you save the money you need for a comfortable future by 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 IRAs:

Traditional IRAs

Traditional IRA contributions may be tax deductible depending on income levels and existing plans. Contributions may be made up to $6,500 per year, including any deposits to a Roth IRA. Catch-up contributions of an additional $1,000 per year may be made by owners over age 50. Contact your nearest branch for additional information and restrictions that may apply.

Coverdell Education IRAs

Coverdell Education IRAs can be established for a child under 18 to pay higher education expenses. Contributions can be made up to $2,000 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 $6,500 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 $1,000 per year may be made by owners over age 50. Contact your nearest branch for additional information and restrictions that may apply.

Health Savings Account (HSA)

HSAs are tax-advantaged savings accounts you can use to pay for qualified medical expenses if you are enrolled in a high-deductible health plan (HDHP).

To be eligible for an HSA, you:

  • Must be covered by a high deductible health plan (HDHP)

  • Cannot be enrolled in Medicare

  • Cannot be claimed as a dependent on someone else’s tax return for the previous year

  • Cannot be covered by a non-HDHP

HSA TAX ADVANTAGES

You won’t get hit with taxes on the money you save and earn in your HSA:

  • Tax-deductible contributions – or pretax if made through payroll deductions

  • Tax-free interest

  • Tax-free withdrawals (when used for qualified medical expenses)

QUALIFIED MEDICAL EXPENSES COVERED BY HSA

  • Copays

  • Prescriptions

  • Vision and dental expenses

  • Over-the-counter medications as prescribed by a physician

  • And much more!

Please consult with your tax advisor to determine if these accounts are a good fit for your needs. 

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