IRAs
There are two main types of IRAs: Roth and Traditional. The following is a general explanation of these investment instruments; there are limitations on all of them.
The Roth IRA is a nondeductible IRA, meaning you don’t deduct your IRA contribution from your gross income the year you contribute. Any earnings on your investment is tax-free if taken out after age 59 1/2.
The Traditional IRA is a deductible IRA, if you qualify. The money you invest is deducted from your gross income the year you contribute. Any withdrawals from your account after age 59 1/2 is taxed at your current rate at that time.
Penalties may apply on early withdrawals from either IRA prior to age 59 1/2.
For self-employed 1099 income, there are additional options available. Contact Financial Consultant Gary Ginsberg, registered representative with AIG Royal Alliance Associates, Inc., member FINRA / SIPC, at the Credit Union for more information or to set up a no-fee, no-obligation appointment; 212.869.8926, ext. 315. Or contact your investment advisor or accountant.
| Term | APY | APR |
|---|---|---|
| Money Rate | 0.50% | 0.50% |
| 6 Months | 0.70% | 0.70% |
| 12 Months | 0.80% | 0.80% |
| 24 Months | 1.15% | 1.15% |
| 36 Months | 1.55% | 1.54% |
| 60 Months | 2.55% | 2.52% |
| As of 12/9/2011 | ||
Rates subject to change without notice.
Regular IRA minimum deposit $250.
Money Rate IRA minimum deposit $50.
Substantial penalties for early withdrawal.
IRAs are insured by the NCUSIF up to a maximum of $250,000.
Download Information on Roth IRAs
Download Information on Traditional IRAs
Download a fillable Deposit Ticket.
