Couple recieving financial advice.

Individual Retirement Account (IRA)

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.

Traditional IRA

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 Money held in IRAs cannot be withdrawn before retirement age without an IRS penalty.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.

Roth IRA

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 Earnings may be withdrawn tax-free and without penalty from an account under certain circumstances. Contributions may be withdrawn at any time, for any reason, tax free.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With a Coverdell Education Savings Account funds may be withdrawn tax-free only for education related expenses of the beneficiary.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 However, earnings do accumulate tax free until withdrawn.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.

IRA: Accrued dividends will not be paid to any account closed prior to the end of the period. Qualifying Credit Union IRA accounts are insured up to $500,000 ($250,000 through NCUA*, and $250,000 through Excess Share Insurance). Deposit/withdrawal restrictions may apply. IRA Certificates cannot be withdrawn and moved into a non-IRA product without potential penalties from the Internal Revenue Service.  Check with your tax advisor for specific IRS rules, advice, and tax deductibility on your IRA. For details, please contact TwinStar Credit Union at 360.357.9911 or 1.800.258.3115.

*Accounts not separately insured.  Northwest Division accounts are insured by the NCUSIF as accounts of TwinStar Credit Union.