Personal > IRAs

Plan for Your Future

No matter your stage in life, it's never too soon to start planning for retirement. Individual Retirement Accounts (IRAs) allow you to prepare for the future and also potentially save on taxes.

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  • Save on Taxes

    A traditional IRA allows you to take advantage of tax benefits now while a Roth IRA allows you to enjoy tax-free withdrawals in the future.

  • Take Control of Your Investments

    No matter when you plan to retire, your asset allocation – how you split your money between stocks, bonds and other investments – is critical to your earnings.

    IRAs offer flexibility in adjusting your investments.

    You can shift your money from individual stocks to bonds to Term Share Certificate (CDs)—all without incurring capital gains taxes.

  • Pave the Way For Retirement

    IRAs give all workers a convenient way to prepare for their golden years. An IRA can be your primary way to save for retirement or it can be used to supplement your workplace-based retirement plan.

Great people to work with.

TIMOTHY, Member-Owner Since 2011

IRA Options

  • Traditional IRA

    Take advantage of tax benefits today.

    • After age 59½ both earnings and contributions can be withdrawn penalty-free

    • Contributions may be tax-deductible

    • Tax-deferred earnings grow until withdrawn after age 59½ and then are taxed at your current rate

    • Certificates available

    Note: You may be able to rollover your current retirement savings to a Notre Dame FCU IRA. Contact us for more information.

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  • Roth IRA

    Enjoy tax-free withdrawals in the future.

    • After age 59½, earnings can be withdrawn tax-free if the account has been open for at least five years

    • Contributions are not tax-deductible but can be withdrawn tax and penalty-free

    • Earnings are taxed at your current rate

    • Certificates available

    Note: You may be able to roll over your current retirement savings to a Notre Dame FCU IRA. Contact us for more information.

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  • Education IRA

    Education IRAs cover future educational expenses such as tuition, books, and uniforms at all education levels.

    Education IRAs are also referred to as “Coverdell accounts” or simply as an “ESA.” Despite their “IRA” moniker, they are for educational expenses, not retirement savings.

    • Withdrawals are tax-free when used for education expenses

    • Contribution limit of $2,000 per year per child

    • No limit to the number of Education IRAs that can be set up

    • Contribute to an Education IRA and to a 529 plan at the same time, with some contribution limits

    • The sum in an Education IRA must be distributed to a child if not used for college.

    • 6% tax on any contributions made after the beneficiary reaches age 18

    Best If: You plan to pay for all or part of your child’s elementary, secondary or higher education.

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Quick Tip on IRAs

Roth IRAs and Traditional IRAs are both great retirement accounts. They each offer a variety of investment options to help you plan for the future. However, there are several key differences between the accounts that you must consider. Talk to a financial advisor to determine which account makes the most sense for your particular needs.

Look Forward to Your Future

Retire with confidence with the right planning tools on your side. Whether you are self-employed, work for the government or work for a private company, an IRA can pave the way to a bright future.

Get Started Today

Opening an IRA can set you up for retirement success. The earlier you start, the longer your savings can grow. Whatever your future plans may be, a retirement account will help take you there.

Still Have Questions?

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