IRAs
Individual Retirement Account (IRA)
Share Account
| Daily Balance | Dividend Rate | APY* |
|---|---|---|
| From $25.00 | .499% | .50% |
It's never too early or too late to start saving for retirement. Lassen County Federal Credit Union offers a variety of Individual Retirement Account (IRA) options to make your retirement more secure and enjoyable.
As millions of Americans have already discovered, IRAs are one of the best savings tools available today. More people than ever before are now eligible to take advantagee of the incredible tax advantages available through IRAs.
IRA Certificates effective as of 7/15/2010
| Term |
| Minimum Balance | Dividend Rate | APY |
|---|---|---|---|---|
| 6 Months | Fixed | $1,000.00 | .499% | .500% |
| 12 Months | Fixed | $1,000.00 | .896% | .900% |
| 18 Months | Fixed | $1,000.00 | .996% | 1.000% |
| 24 Months | Fixed | $1,000.00 | 1.391% | 1.400% |
| 30 Months | Fixed | $1,000.00 | 1.490% | 1.500% |
| 60 Months | Fixed | $1,000.00 | 2.472% | 2.500% |
Limited Time IRA Certificates
| TERM | Minimum Balance | Dividend Rate | APY | |
|---|---|---|---|---|
| 3 Month | Fixed | $1,000.00 | .399% | .400% |
Above rates are for members who have checking accounts with DIRECT DEPOSIT
Lassen County Federal Credit Union offers both IRA Savings and IRA Certificates for two types of Individual Retirement Accounts-Traditional and Roth.
Traditional IRA
Earnings within Traditional IRAs are generally not taxed until they are distributed and contributions are tax-deductible for many taxpayers.
This IRA offers tax-deferred earnings and the possibility for tax-deductible contributions until distributions begin at retirement age. These tax advantages make the traditional IRA a powerful tool in creating a balanced, long-term savings plan.
Roth IRA
Earnings on Roth IRAs are generally not subject to federal taxes. Over time these special tax features can result in significantly larger IRA savings accumulations than can be earned with ordinary savings tools.
These contributions are not tax-deductible. However, the money in a Roth IRA, including earnings, is not taxed when you begin withdrawing funds at retirement.
IRA Savings
- You may transfer an IRA from another financial institution
- IRA Savings are insured separately from your other deposits
- NCUA insures up to $250,000 for Traditional and Roth
IRA Certificates
- Traditional and Roth Term Certificates available
- Functions like a certificate - choose your term, earn consistent dividends, and reinvest for maximum earnings.
- Minimum opening deposit of $1,000.
- NCUA insures up to $250,000 for Traditional and Roth
- About IRAs
Ask your tax advisor for details and speak with our accounts representative to open the IRA that best fits your needs.
Interesting fact:
The passing of the Economic Growth And Tax Relief Reconciliation Act of 2001 (EGTRRA) on June 7, 2001, brought about the most sweeping changes related to retirement and other savings arrangements since the Tax Reform Act of 1986. The benefits of EGTRRA include, among others:
- Increased contribution limits
- Catch-up contributions for individuals who attain age 50 before the end of the taxable year
- Increased portability of assets between various plan types
- Changes to rollover rules
At the heart of what makes IRAs such a great savings tool are the special federal tax laws governing the taxation of amounts earned within an IRA.
Contact us at (530) 257-7736 for more information and assistance evaluating your options.
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(530) 257-7736
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