Individual Retirement Accounts (IRAs)
Saving is always a good idea, and saving for retirement is a great idea. With our offering of traditional, roth, and education IRAs, you'll be able to choose which one is right for your needs.
All provide competitive rates, no annual fee, and income tax advantages. Start saving today and, with a little luck, retirement could come sooner than you think.
You can learn more about IRA's, and get application forms, at Spectrum's dedicated IRA website.
- Traditional IRA
- Earnings are tax-deferred until withdrawal
- Contributions are tax-deductible*
- No annual fee
- Funds become available at age 59½
- Mandatory to begin withdrawals by age 70½
- IRAs from other institutions or pension, profit-sharing, 401(k), and SEP** plans may be rolled over
- Free E-Statements
- $500 deposit to open
- Insured on balances up to $250,000 by NCUA
View our rates.
*Consult a tax advisor
**SEP = Simplified Employee Pension
You can learn more about IRA's, and get application forms, at Spectrum's dedicated IRA website.
- Roth IRA
- Tax-free earnings
- Tax-free withdrawals
- Contributions are not tax-deductible
- No annual fee
- Funds become available at age 59½
- No mandatory distribution age
- IRAs from other institutions or pension, profit-sharing, 401(k), and SEP* plans may be rolled over
- Free E-Statements
- $500 deposit to open
- Insured on balances up to $250,000 by NCUA
View our rates.
*SEP = Simplified Employee Pension
You can learn more about IRA's, and get application forms, at Spectrum's dedicated IRA website.
- Education IRA
(Also known as the Coverdell Education Savings Account)
- Earns competitive dividends
- Tax-free earnings*
- Tax-free withdrawals*
- Annual contributions capped at $500 per year per beneficiary
- No annual fee
- Funds must be completely distributed after beneficiary turns 30
- IRAs from other institutions or pension, profit-sharing, 401(k), and SEP** plans may be rolled over
- Free E-Statements
- $500 deposit to open
- Insured on balances up to $250,000 by NCUA
View our rates.
*As long as funds are used for qualified education expenses, such as tuition, books, board, etc.
**SEP = Simplified Employee Pension
You can learn more about IRA's, and get application forms, at Spectrum's dedicated IRA website.
Questions?
