Individual Retirement Accounts (IRAs)
You're never too young to start thinking about retirement. That's why we offer IRA Club Accounts and IRA Certificates of Deposits to suit your retirement plans. A minimum of $100.00 is required to open an IRA. Interest is compounded and paid on a quarterly basis. Our IRA flexibility continues with three very different IRA plans to help you save for your retirement. Here are some of the main features of the Traditional, Roth, and Educational IRAs.
Traditional IRA
- Tax-deferred until withdrawal
- Contributions may be tax-deductible
- Mandatory distributions at 70-1/2 years of age
Roth IRA
- Not tax-deductible
- Certain withdrawals are tax-free after a five-year holding period
- Not subject to mandatory distribution
Educational IRA
- Allows you to save for a child's higher education expenses (if child is under 18)
- Not tax-deductible
- Tax-free, penalty-free distributions for qualified higher education expenses
Need an answer?
Please contact us by phone at 409.963.1191, through email or stop by one of our branch locations for more information about Gulf Credit Union.
