Phone: (800) 262-5325

Individual Retirement Account

To ensure your golden years are, in fact, golden, start preparing for your future financial security today.

In addition to the peace of mind knowing your future is secure, some IRA options include great tax benefits for today. Others let you earn money completely tax-free. It's probably pretty safe to say that no matter who you are, tax-free sure sounds good.

Talk with a personal SWACU expert and we'll tailor a strategy that's best for your situation. We're local, so we'll always be here when you need us.

Traditional IRA

Earnings are tax-deferred until withdrawal
Contributions are tax-deductible on current tax returns
No initial setup or maintenance fees
Maximum contribution of $5,000 per year*
Penalties for early withdrawal, except under certain situations**
Must begin distributions at 70½ years of age
IRA certificates and savings account available

Take a look at our current rates.

*Maximum contribution may vary based on income and filing status.

**There is no early withdrawal penalty in the case of: over 59½ years of age, first time home purchase, qualified college expenses, qualified medical expenses, death or disability.

Roth IRA

Earnings grow tax-free
Withdrawals are tax-free
You may withdraw contributions at any time
Contributions are not tax-deductible
Maximum contribution of $5,000 per year*
Penalties for early withdrawal of earnings, except under certain situations**
Contributions after age 70½ are allowed
No mandatory distributions at age 70½
IRA certificates and savings account available

*Maximum contribution may vary based on income and filing status.

**There is no early withdrawal penalty in the case of: over 59½ years of age, first time home purchase, qualified college expenses, qualified medical expenses, death or disability.

Coverdell ESA

(The Coverdell Education Savings Account was formerly known as an Education IRA)

Earnings grow tax-free
Withdrawals are tax-free
Contributions are not tax-deductible
Maximum contribution of $2,000 per year per beneficiary
Contributions do not count against limits of other IRAs
Distributions are penalty-free at any time if used for qualified education expenses*
Distributions must be complete after beneficiary turns 30 years old or dies
IRA certificates and savings account available

* Penalty will apply if used for something other than qualified education expenses.