Take action today for a successful retirement in the future!
Plan for Financial Security with an IRA from CorePlus Credit Union
- Traditional IRA
- Roth IRA
- Educational IRA
Open an IRA today and plan for a brighter future!
IRAs at CorePlus Credit Union
Open an IRA with CorePlus and increase retirement income as you plan for your retirement or for your children’s future! Our expert staff can help answer your questions and get you moving in the right retirement direction. We offer traditional, educational, and Roth IRAs. In addition, we can assist with matters such as transfers, rollovers, conversions, and inherited IRAs.
Which IRA Is Right For You?
Traditional
- Save for retirement with tax-deferred earnings
- Fully tax deductible if neither you nor your spouse are covered by an employer’s retirement plan
- You may qualify for a tax credit of up to $1,000 when you make a contribution
- Annual contribution limit of $7,000, or $8,000 if you’re 50 or older
- Required annual minimum distributions starting at age 73
Roth
- Save for retirement with after-tax contributions (not tax-deductible contributions)
- Potential to take completely tax-free distributions
- You may qualify for a tax credit of up to $1,000 when you make a contribution
- Annual contribution limit of $7,000, or $8,000 if you’re 50 or older
- Funds can be withdrawn at any time, tax and penalty free
- No required annual minimum distributions
Educational
- Annual non-deductible contributions on behalf of a child up to age 18
- Tax-free contributions and earnings when used for qualified educational expenses
- Annual contributions of up to $2,000 per child
- Both family and non-family members can contribute
Individual Retirement Accounts (IRA’s)
We offer traditional, educational, and Roth IRA’s. Whatever your needs, we have a way of helping you plan for your retirement. Click here for resources on your IRA options.
Traditional IRA
A traditional IRA is a retirement savings account that offers tax advantages. Contributions to a traditional IRA may be tax-deductible, depending on your income and filing status. Withdrawals from a traditional IRA are taxed as ordinary income in retirement. Required minimum distributions (RMDs) must begin after age 72 (age 73 in 2023, increasing to age 75 in 2033).
Roth IRA
A Roth IRA is a retirement savings account that offers tax-free withdrawals in retirement. Contributions to a Roth IRA are made with after-tax dollars. There are no RMDs for Roth IRAs.
Educational IRA (Coverdell ESA)
A Coverdell ESA is a tax-advantaged education savings account that can be used to pay for qualified education expenses for a designated beneficiary. Contributions to a Coverdell ESA are not tax-deductible, but earnings grow tax-free. Withdrawals from a Coverdell ESA are tax-free if used to pay for qualified education expenses, such as tuition, fees, books, and supplies.
Which type of IRA is right for you?
The best type of IRA for you will depend on your individual financial situation and retirement goals. If you are able to deduct your contributions, a traditional IRA may be a good option for you. If you expect to be in a higher tax bracket in retirement, a Roth IRA may be a better choice. A Coverdell ESA may be a good option for you if you want to save for a child’s education.
Open An IRA
IRA Resources
Are you interested in opening an IRA, but have questions about your IRA options? CorePlus Credit Union has experts on staff that can help answer your questions, and point you in the right direction for a successful retirement. Ask us!
Listed below are resources for your IRA options. Click on a brochure to view or download.
- Traditional and Roth IRAs
- Traditional IRAs
- Roth IRAs
- Transfers, Rollovers, and Conversions
- IRA and Retirement Plan Distributions
- Inherited IRAs
- Coverdell ESAs
- Retirement Plans
- SEP, SIMPLE IRA, and Individual(k) Plans
- Health Savings Accounts
- Health Savings Accounts for Employer
Health Savings Accounts (HSA)
An HSA is more than just a savings account for medical expenses.
Open an Account Online
