Strip Steel Community FCU offers standard share certificates (CD’s) and IRA’s.
You’ll find that in the three county area serviced by Strip Steel Community FCU, we offer the most competitive rates on share certificates and IRA’s. Rates on share certificates and IRA’s are higher than prime share accounts making them a valuable financial investment. All share certificates offer fixed rates- even if rates go down, so there is no risk.
Benefits of Share Certificates (CD’s) and/or IRA’s:
IRA’S:
The Taxpayer Relief Act of 1997 created a variety of new IRA options. Not only did it change rules for the traditional IRA, but it also introduced the Roth IRA.
Traditional IRAs are more attractive than ever because expanded income limits mean more people will be able to make tax-deductible contributions. In addition, penalty-free withdrawals are allowed for qualified higher education expenses and for a first time home purchase.
Contributions to the Roth IRA aren’t tax-deductible, but the accounts offer the opportunity for tax-free earnings.
Living longer means saving more. Thanks to the Economic Growth and Tax Relief Reconciliation Act of 2001, you can do just that with your IRA (Individual Retirement Account).
This new law will:
-
Increase annual contribution limits
-
All for “catch up” contributions for those age 50 and older
-
Offer a tax credit to low and middle income people who make IRA contributions
-
Change the method for calculating 70 ½ required minimum distributions (RMDs)
Contributions TimeLine:
-
$3,000 a year for 2002-2004
-
$4,000 a year for 2005-2007
-
$5,000 a year 2008
Exception: If you are 50 or older, you may contribute an additional $500.00 to an IRA to catch up for the 2002 through 2005 tax years and an additional $1,000.00 for 2006 through 2010.
With competitive rates, payroll deduction to make contributions hassle-free, Strip Steel Community FCU will fit all your IRA needs. Have questions? We have the answers!
