Life's next chapter could be the best one yet
All those things you want to do. All those places you want to go. When you look ahead to retirement, thoughts turn to relaxation, adventure, family and friends. With a WCCU Individual Retirement Account, you can start saving the money you need to live the lifestyle you choose.
- Contribute up to $6,000 a year ($7,000 if over age 50)
- Tax-advantaged Traditional and Roth IRAs available
- With Traditional IRAs, you may be able to take tax deductions each year you make a contribution
- With Roth IRAs, all withdrawals are tax-free
- With both types of IRAs, annual dividends are tax-free
IRA Savings Account
- Minimum of $25 to open
- Earn competitive dividends
- No monthly service charges
- Any deposit amount allowed at any time
IRA Certificates of Deposit
- $500 minimum to open
- Terms range from 3 months to 60 months
- In general, longer-term CDs pay higher dividend rates
Coverdell Education Savings Accounts
Coverdell accounts are often called Education IRAs because they share some of the same tax advantages as retirement accounts. Money must be spent on elementary school, secondary school or college expenses.
- Maximum contributions of $2,000 per year per student
- All family members - including parents, grandparents, aunts and uncles - can contribute to the same account
- Funds grow tax-free and withdrawals are tax-free if used for qualified educational purposes
- Eligible expenses can include tuition, fees, books, supplies, equipment, tutoring, special needs services, and computer technology
Looking for more an investment or higher return? Learn more about our Wealth Management services.
Westerly Community Credit Union is a full-service credit union with Rhode Island branches in Westerly, Richmond, Wakefield, and Coventry.
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