Whether you're saving for retirement or education, we have an IRA that can help you achieve your goals. Protected by NCUA to at least $250,000, an Evansville Federal Credit Union IRA is an excellent way to grow your money while deferring taxes.
With a small required minimum opening balance, EFCU offers many options from which you can choose to best fit your needs:
- Roth IRA - Designed for middle-income members who do not qualify for the Traditional IRA annual tax-deductible contribution, but still want to take advantage of tax-free earnings growth.
- Traditional IRA - returns on your investment are tax deferred until you make a withdrawal from the account, at which point you pay taxes on all pre-tax dollars. Traditional IRA accounts are a more flexible retirement savings account, meaning the account can be used for other important life events.
- Education Savings Account - Previously known as Education IRAs (and also known as Coverdell Savings Account), an Education Savings Account can be opened for any child under the age of 18 to fund his or her education. Withdrawals from the account are tax-free if used to pay for primary, secondary, or post-secondary education expenses.
Your tax advisor can offer more guidance on which type of IRA may be best for your needs. Of course, we are always here to answer your questions and assist with opening an IRA.