Individual Retirement Accounts (IRA)
"Winning is never accidental. To win consistently, you must have a clear plan and intense motivation."
          --Lou Holtz, legendary football coach

Great advice, especially when it comes to retirement. A retirement plan and determination will take you where you want to go--traveling, golfing, or relaxing by a lake.

IRA Options:
Whatever you have in mind for your golden years, an Ashland Credit Union individual retirement account (IRA) is a safe harbor for your retirement funds.

  • IRA Savings Accounts - Just starting out? Build your IRA savings with regular deposits out of your paycheck.
  • IRA Share Certificates - As your balance grows, move the funds into long term savings to earn a better return. Terms from 1 to 5 years available.
  • Traditional and Roth IRA types are both available.

Already have an IRA elsewhere? No Problem! IRA rules permit you to transfer, tax-free, your IRA assets to different financial institutions or brokers. And, if you leave an employer, you may be able to move accumulated pension benefits into your IRA. If you're switching jobs, you also can use an IRA as a holding account for moving funds to your new employer's plan. Because you don't have to keep your IRA in the same account forever, it pays to shop around, and we are confident that we can help you meet your retirement goals.

What type of IRA should I choose? Each person's unique situation will dictate what type of IRA is best suited for their needs. We always encourage people to consult their tax adviser for the most complete and accurate picture, but we can provide some facts that can help you make the decision and our IRA specialists are always available to discuss your options.

  Traditional Roth
Income Limits: No limits. Yes. Consult your tax adviser for details.
Contributions: May be tax-deductible based on your income. Not tax-deductible.
Contribution Limits: May contribute up to $5,500 in 2018. Additional $1,000 catch-up contribution if over age 50.
Withdrawals: Taxed as ordinary income. Not taxed.
Minimum Age to withdraw funds: Age 59 1/2
Req. distributions begin at: Age 70 1/2 Never

When can I start making withdrawals? Withdrawals can be made at any age, but it's important to know some key times in your life that will affect how you withdraw funds from your IRA.

Pre-59 1/2 Age 59 1/2 Age 70 1/2
Withdrawals may be subject to 10% early withdrawal penalty*.
* Some exceptions exist.
Traditional IRA withdrawals are taxed as income. Withdrawals from a Roth IRA are not taxed. Required minimum annual withdrawals must begin from Traditional IRA's.

How do I get started? When you're ready for a change, contact ACU about rolling over established IRA funds, adding funds to, or putting new money into an IRA. We have attractive savings rates and offer a safe place for your retirement funds. Our IRA experts will help guide you on the path to your dream retirement!

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