Individual Retirement Accounts (IRAs)

If you don’t already have an Individual Retirement Account (IRA), now is a great time to start.

The annual contribution limit has been raised in recent years to allow citizens to save more for their retirement. And, if you are age 50 and older, there is an additional catch up feature.

The National Credit Union Administration (NCUA), the government agency that insures federally insured credit unions, recently raised the insurance coverage on retirement accounts, such as IRAs, from $100,000 to $250,000. Under the new rules, traditional and Roth IRAs at one credit union are now insured in the aggregate to $250,000. 

And with an IRA certificate at the Red Wing Credit Union, you can upgrade the rate one time within the term of the certificate, should rates go up.

And now, IRAs may come in handy before retirement!
You may now qualify for penalty-free withdrawals for:

*Higher education – Tuition, fees, books, supplies and room and board … for you, your spouse, your children or grandchildren.

*Purchase of a home – Down payment, building, rebuilding, financing, settlement or closing costs … for you, your spouse, one of your children, a grandchild or a parent.

With higher contribution limits, more federal insurance coverage, the opportunity to upgrade to a higher rate and the penalty-free withdrawal options available, what more reason do you need to open an IRA?

Life gets busy. Retirement comes up fast. The sooner you start contributing, the better your retirement will be.

    
Federally insured by NCUA
    to at least $100,000

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