Your credit union offers a full range of IRA options, allowing you to save for the future and supplement your pension or Social Security benefits.
- Able to invest after-tax dollars
- Contributions may be tax-deductible*
- Earnings grow tax-deferred
- Possible to take penalty-free withdrawals*
- Ability to save money for retirement or major life goals
- Possible tax advantages* (consult a tax advisor)
- May be able to take penalty-free distributions*
- No age limits for contributions
- Tax-free withdrawals of the principal
- Can contribute past age 70 (if still working)
- Ability to save for qualified educational expenses before the child's 30th birthday
- Parents, grandparents, relatives, friends and even minors (with earned income) can set up an account for any designated beneficiary under age 18
- Annual contribution limit of $2,000
- Use funds for eligible college and trade schools, public and private elementary and high schools
Health Savings Accounts (HSAs)
- Members enrolled in a high deductible health plan (HDHP) may be eligible to make tax-deductible contributions to a Health Savings Account (HSA) for qualified medical expenses. HSAs help balance the rising costs of health care with tax—deferred earnings and possible tax-free distributions.
- Check www.firstcoastccu.com or call us for the latest rates, terms, and minimum balance requirements.
- Consult your tax professional about tax advantages for IRAs and HSAs.