Central Willamette Community Credit Union
Individual Retirement Accounts (IRA)
It is time to make your working years count toward your retirement years. Central Willamette provides members with the financial tools to enable you to start contributing to your retirement years.
We offer Traditional IRA and Roth IRA. We encourage you to check with your accountant or the Internal Revenue Service (IRS) for guidelines to determine if your IRA contribution is tax deductible. If you do not qualify for a fully deductible IRA under IRS guidelines, taxes may still be deferred on IRA earnings until you begin to withdraw.
Members have a choice of a Deposit IRA or a Certificate IRA. Deposit IRAs are an ideal financial tool to build your retirement savings investments.
You may begin to withdraw funds from your IRA at any time after age 59 ½. However, at age 70 ½ funds must commence to be withdrawn. Funds may be withdrawn in a lump sum or periodically.
Use our Retirement Calculator to determine what IRA investment level will bring you the financial retirement years you desire.
Educational IRA
Need a convenient way to save for your child's or grandchild's education? A Central Willamette Educational IRA is the financial tool that will assist you. A total of $2,000 can be invested for the child (the beneficiary) annually. Educational IRA contributions are not tax deductible. However, your contributions will grow tax-free, and you will not pay any taxes or penalties on money that is withdrawn for higher educational expenses before the beneficiary reaches age 30.
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