Individual Retirement Account (traditional IRA & Roth IRA)
WEA Credit Union offers both traditional and Roth IRAs. All members should plan for retirement and IRAs are a wise choice for almost everybody. Your IRA can be invested in a savings for temporary holding, or transfer it to a Certificate of Deposit to earn the best rates. Certificates range from 3 months to 5 years. A credit union IRA is insured by the NCUA.
Effective 2008, you may contribute up to $5,000 ($6000 for those who are age 50 or older by the end of a tax year) each year. Your annual contributions can be divided between Traditional IRA & Roth IRA but cannot exceed the limits advised.
A Coverdell Education Savings Account is a tax-advantaged way to save for a child's education. These accounts can be an attractive way for parents and grandparents to set aside funds to help their children obtain an education.
You may contribute up to $2,000 per year in an account for your child or grandchild. Contributions for a particular year will be allowable up to the tax return deadline for that year. Tax free distributions can be taken to pay the designated beneficiary's private elementary or secondary school expenses.