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IRA Accounts

Traditional IRAs
An Individual Retirement Account is a great way to save for your future retirement savings.  They can even be opened at just about any age.  Unlike most investments, depending on the type of IRA you choose, contributions may be tax-deductible and will grow either tax-deferred or tax-free. Norristown Bell Credit Union offers all three kinds of IRAs.  You can choose between a Traditional and or Roth IRA or a Coverdell Education Savings Account (which were also known as an Educational IRA).

Benefits of IRAs

  • Open an IRA Share Account with no minimum deposit.
  • Minimum deposit for an IRA Share Certificate is $500.00.
  • IRA Specialist (on staff).
  • IRA's are separately insured up to $250,000 through the National Credit Union Administration.

For both Traditional and Roth IRAs, the IRS allows “Catch-Up” contributions, (currently at $1,000), that are available for those individuals that are 50 years of age or older.

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Roth IRAs
Roth IRAs are different from traditional IRAs in that contributions to a Roth IRA are not tax-deductible.  The great feature about the Roth is that all contributions can be withdrawn tax-free at anytime.  However, earnings can only be withdrawn tax-free after five successive tax years.

  • Contributions are allowed at any age.
  • Qualified distributions are tax-free.
  • Flexible withdrawal options are available.
  • Contribution amount increases.

A single filer with modified adjusted gross income of less than $101,000 can make the full Roth IRA contribution for that year. Each spouse filing a joint tax return with modified adjusted gross income of less than $159,000 can also make the full Roth IRA contribution for that year. Some people with higher modified adjusted gross incomes may be able to make smaller contributions.

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Coverdell Education Savings Account 
The Coverdell Education Savings Account (ESA) is a custodial account that assists families in saving money to pay for many educational expenses for children in grades from kindergarten through college.

Based on income requirements, contributions can be:

  • Made up to the current maximum per year for the designated beneficiary (child)
  • Made if beneficiary is under the age of 18 (or beyond for special needs)
  • Transferred to IRS defined qualified family members if not used by beneficiary

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What Can You Use Your ESA Savings Account For?
Contributions and earnings are tax- and penalty-free, if used for qualified education expenses, which include:

  • Tuition and fees
  • Books and supplies
  • Computer equipment to be used for education
  • Transportation
  • Room and board—only in some cases
  • ESA Information Center
 
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