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Free Financial Planning | Misc.

Investments

Share Certificates
Share Certificates offer the highest dividends (interest) on savings available at the credit union.  Interest rates vary with the amount and term of deposit. Please click below for current rate/term information. A minimum balance of $1,000 is required to maintain a Share Certificate.

 

 

Individual Retirement Account (IRA)
An Individual Retirement Account (IRA) is a tax-sheltered savings account used to gather funds for a future purpose. In most cases, the purpose is to supplement another retirement from an occupation or to be the sole retirement account for a self employed individual. In other cases, the purpose is education or a home purchase. In any situation, an IRA is a safe way to save for your future. Some of the different IRA's you can open are the following:

Traditional IRA –

• Up to $4,000.00 can be contributed annually for tax year 2006 and 2007.
• If you are 50 years old or older, up to $5,000.00 can be contributed annually for tax year 2006 and 2007.

Contributions to this IRA are fully tax deductible if the individual is not an active participant in an employer retirement plan. Taxes on the IRA may be deferred until the age of 70-1/2. When the age of 70-1/2 is reached, Required Minimum Distributions (RMD) must be taken out.

Roth IRA –

• Up to $4,000.00 can be contributed annually for tax year 2006 and 2007.
• If you are 50 years old or older, up to $5,000.00 can be contributed annually for tax year 2006 and 2007.

Contributions from this IRA are not tax deductible. Individuals are not required to receive minimum distributions after age 70-1/2 and can continue to contribute to the IRA after they reach 70-1/2. If you meet all requirements, distributions may be tax free and penalty free (please contact the Credit Union for requirements).

Coverdell Education Savings Account (formerly Education IRA)

• Up to $2,000.00 can be contributed to this account annually.

Similar to the Roth, contributions are not tax deductible. This account can only be used for educational expenses. When the child turns eighteen years old, no more contributions can be made to the account. At this time, funds can be rolled over to another account for the individual or transferred to the name of another child who meets the requirements (the account must be closed before the individual reaches thirty years old).

For more information on IRA's or to open one with a minimum deposit of only $500.00, please call Jennifer Hildebrand at 925-825-0900 ext. 315.

Money Market
The Money Market Account pays you a higher dividend rate than the basic savings and allows you to write three checks per month. A minimum balance of $2,500 is required to maintain a Money Market Account.

Funds federally insured by NCUA.

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