All branches and the contact center will be closed Friday July 3 and Saturday July 4, 2015 in recognition of the Independence Day holiday. Normal hours will resume on Monday, July 6.
Wouldn't it be nice to retire early with money to spare? Or to be prepared for college expenses? That's a real possibility with regular contributions to an IRA at TwinStar Credit Union.
Need help deciding on an IRA? Talk to a TwinStar Financial Advisor to figure out what IRA is right for you.
If you are looking ahead to your retirement, Individual Retirement Accounts provide great rates and tax-deferred earnings. You can open an IRA account with as little as $25. TwinStar also offers spousal IRAs. Money held in IRAs cannot be withdrawn before retirement age without an IRS penalty. Check with your personal tax advisor to determine if an IRA will give you a tax benefit. IRAs are insured for up to $500,000: $250,000 through NCUA and $250,000 through Excess Share Insurance.
The Roth IRA is less restrictive than traditional IRAs. Earnings on your contributions accumulate tax-free. However, unlike traditional IRAs, contributions are not deductible for federal income tax purposes. Earnings may be withdrawn tax-free and without penalty from an account under certain circumstances. Contributions may be withdrawn at any time, for any reason, tax free. There is no penalty for early withdrawal (subject to certain conditions) on traditional IRAs rolled into a Roth IRA; however, the distribution will be considered income for federal tax purposes. Check with your financial advisor for restrictions on incomes, withdrawals and age.
Coverdell Education Savings Account - "Educational IRA"
With a Coverdell Education Savings Account funds may be withdrawn tax-free only for education related expenses of the beneficiary. Contributions are not tax deductible. However, earnings do accumulate tax free until withdrawn. See the IRS website or check with your financial advisor for restrictions on maximum contributions, incomes, withdrawals and age.