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United Local Credit Union. Built By Hard-Working People

IRAs

United Local Offers Individual Retirement Accounts (IRA) for your retirement security. Your IRA is processed speedily with our newest IRA Express internet connection by a knowledgeable member services specialist.

As always, check with your tax specialist prior to coming into the credit union so that you may chat comfortably with our staff associates about your needs. You can be assured that annual contributions and distributions are made in a timely, accurate fashion after you open your account.

TYPES OF IRAs

TRADITIONAL IRA: The basic IRA Account first established for an individual by the federal government for pre-tax deferral of earned income
ROTH IRA: Newer version of the basic IRA whereby post -tax income is set aside by the individual
TRADITIONAL vs. ROTH IRAs

Traditional IRA Roth IRA
Elgibility Age You must be under age 70 1/2 and have earned income in order to make contributions. No age restrictions, but you must have earned income in order to make contributions.
Maximum Income Elgibility No maximum income level (may be non deductible) $120,000 to $135,000 for Single $189,000 to $199,000 for Married (filing jointly)
Minimum Income Elgibility Earned income must be equal to or greater than your annual contributions. Earned income must be equal to or greater than your annual contributions.
Maximum Contributions 2018 $5,500 ($6,500, if you are 50 or older in 2018) $5,500 ($6,500, if you are 50 or older in 2018)
Minimum Contributions $1.00 initial deposit $1.00 initial deposit

EDUCATION SAVINGS ACCOUNT (ESA)

ESA is an investment vehicle designed to help parents fund their child's education. The ESA has replaced the Education IRA. Contributions to the account are taxed, but earnings used to pay education expenses are not. Maximum annual deposit is $2,000 and the entire account has to be disbursed before the beneficiary's 30th birthday, and any withdrawals after this date or for expenses that do not qualify under the act will be subject to income taxes and a penalty.

Call the Credit Union at (559) 227-8329 Press option 2 or Ext. 147 or Ext. 204 for more information about opening your IRA today.