What's the most expensive thing you'll ever buy in your life? If you guessed retirement, you'd probably be right. However, not many people view retirement as something you buy.
But just like you would save to buy a car or house, you can also save for retirement. Northwest Christian Credit Union can help!
Individual Retirement Accounts - Take advantage of potential tax advantages of an IRA Savings or Certificate account. IRAs can be a great way to achieve financial security.
Individual Retirement Accounts
Northwest Christian Credit Union can assist you in creating an Individual Retirement Account whether you want a Traditional IRA, a Roth IRA or a Coverdell Education IRA. All you need to get started is $100!
Contributions of up to $5,500.00 a year can be made to a traditional IRA and the contributions typically are tax-deductible. Withdrawals after age 59½ are taxed as income. Please check with your tax advisor for information about tax deductibility.
Depending upon your income and whether or not you contribute to a traditional IRA, you may be able to contribute up to $4,000 a year in a Roth IRA. The contributions to a Roth IRA are not tax-deductible, but the future withdrawals from the Roth are tax-free including the interest that you earn over the years. (You must be at least age 59½ and the money must have been in the account for at least 5 years or there is a penalty for withdrawal.)
Your funds are safe
All IRA deposits at Northwest Christian Credit Union are insured up to $500,000 by The American Share Insurance Company. ASI is one of the largest Credit Union related insurance companies in America. ASI is a private insurance company and is not affiliated with the Federal Government.
Other Savings Accounts
Northwest Christian Credit Union also offers more traditional savings accounts including our standard savings account, Term Share Certificates (CD's) and Money Market Accounts. You can find more information on these accounts on our Savings page or by calling 1-800-955-7775.