The Partnership FCU offers Individual Retirement Accounts to help you save for your future and provide greater financial stability. Choose the IRA that is right for you: Traditional, Roth, or Coverdell Education Savings Account.
Additionally, you can invest your IRAs in IRA Share Accounts to maximize your dividend earnings. Speak to your professional financial adviser to choose the best option for you.
Your IRA funds are insured by the NCUA.
For more information on retirement planning, visit our excellent resource Retirement Central.
A Traditional IRA offers tax-deferred earnings and potential for tax-deductible contributions. It provides the opportunity to create a balanced long-term savings plan. You may contribute to it up to age 70 ½ by the end of the tax year.
A Roth IRA offers penalty-free withdrawals on your contributions after five years and when you meet at least one of these qualifying conditions: the owner of the account is 59 ½, disabled, deceased or the withdrawal is for first-time home purchase or education. Your funds are contributed compound tax-free, distributions are completely tax-free, you can contribute to this account after age 70 ½ if you are employed, and there is no mandatory distribution. This is a great estate planning tool.
Coverdell Education Savings
Start saving now for a bright future. A Coverdell Education Savings Account (ESA) is an incentive to help parents and students save for education expenses. The funds in this account must be used for qualified educational expenses such as tuition, fees, books, supplies, and school equipment. You can save until the minor reaches 18 and make a $2,000 yearly maximum contribution from January 1-December 31. Contributions to a Coverdell ESA are not tax-deductible; however, a Coverdell ESA offers tax-free dividends and withdrawals.
IRA Regular Share Account
An IRA Regular Share Account is a special Share Savings Account specifically for IRA Savings. It is designed to help maximize earning potential with no term investment required. There is a $5 minimum to open an account and earn dividends. You may make ongoing contributions and withdrawals (contribution limits and tax liability may apply), transfer and rollover IRAs from other institutions, and get potential tax-deferred savings (consult your tax adviser).
Ready to open an IRA? We are ready to assist you. Simply stop by a branch or call our Contact Center.