INDIVIDUAL RETIREMENT ACCOUNTS (IRAS)
Money Market Accounts
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INDIVIDUAL RETIREMENT ACCOUNTS (IRAS)
Secure your future.
Planning ahead helps you ensure a comfortable and happy retirement. The right type of IRA lets you build your retirement nest egg with confidence or give your child a head start on their college savings.
Three great reasons to open a credit union IRA
Tax Benefits
Whether you choose to pay taxes now or later, the right IRA will save you money over time.
Peace of Mind
Plan for a worry-free future. It's never too early (or too late) to start saving for college or retirement.
Flexibility
From education to house down payments, our IRA accounts let you plan for what lies ahead.
ROTH IRAS
Tax-free growth and flexible withdrawals
Unlock the power of tax-smart retirement savings with a Roth IRA. Build a robust retirement nest egg with benefits designed for long-term growth.
- Maximize growth potential with tax-free earnings: Your investments within a Roth IRA can potentially compound over time without being taxed upon withdrawal in retirement (subject to conditions).
- Tax-free withdrawals for financial flexibility: Access qualified distributions in retirement without incurring taxes.
- No mandatory withdrawals: Unlike Traditional IRAs, you’re not required to take distributions from your Roth IRA at a certain age, allowing your savings to continue growing.
- Contribute at any age if you meet income requirements: Keep building your retirement savings even after age 70 ½ if you are still working.
- Supplement employer-sponsored plans: A Roth IRA can be a powerful addition to your overall retirement savings strategy, even if you participate in a 401(k) or similar plan.
ROTH IRAS
Tax-free growth and flexible withdrawals
Unlock the power of tax-smart retirement savings with a Roth IRA. Build a robust retirement nest egg with benefits designed for long-term growth.
- Maximize growth potential with tax-free earnings: Your investments within a Roth IRA can potentially compound over time without being taxed upon withdrawal in retirement (subject to conditions).
- Tax-free withdrawals for financial flexibility: Access qualified distributions in retirement without incurring taxes.
- No mandatory withdrawals: Unlike Traditional IRAs, you’re not required to take distributions from your Roth IRA at a certain age, allowing your savings to continue growing.
- Contribute at any age if you meet income requirements: Keep building your retirement savings even after age 70 ½ if you are still working.
- Supplement employer-sponsored plans: A Roth IRA can be a powerful addition to your overall retirement savings strategy, even if you participate in a 401(k) or similar plan.
TRADITIONAL IRAS
Tax-deferred savings for a secure retirement
A Traditional IRA lets you save for retirement while offering potential tax advantages. You can make deductible contributions and watch your savings grow tax-deferred over time.
- Boost your savings with possible tax credits: When you contribute to a Traditional IRA, you may be eligible for a tax credit of up to $1,000.
- Reduce your taxable income: Your earnings grow tax-deferred, so you won’t owe taxes on them until you withdraw your funds.
- Withdraw your after-tax amounts without incurring taxes or penalties: These are known as nondeductible contributions.
- Contribute at any age: As long as you earn compensation or file a joint tax return with a spouse who does, you can contribute to a Traditional IRA.
- Increase your contributions as you near retirement: You can contribute up to $7,000 a year, but if you’re 50 or older, you can contribute an additional $1,000.
TRADITIONAL IRAS
Tax-deferred savings for a secure retirement
A Traditional IRA lets you save for retirement while offering potential tax advantages. You can make deductible contributions and watch your savings grow tax-deferred over time.
- Boost your savings with possible tax credits: When you contribute to a Traditional IRA, you may be eligible for a tax credit of up to $1,000.
- Reduce your taxable income: Your earnings grow tax-deferred, so you won’t owe taxes on them until you withdraw your funds.
- Withdraw your after-tax amounts without incurring taxes or penalties: These are known as nondeductible contributions.
- Contribute at any age: As long as you earn compensation or file a joint tax return with a spouse who does, you can contribute to a Traditional IRA.
- Increase your contributions as you near retirement: You can contribute up to $7,000 a year, but if you’re 50 or older, you can contribute an additional $1,000.
COVERDELL EDUCATION SAVINGS ACCOUNTS
Tax-free growth and withdrawals for qualified educational expenses
A Coverdell Education Savings Account (ESA) is a tax-advantaged way to save for a child’s education. It’s a versatile tool that can help cover a wide range of educational expenses.
- Grow your child’s education savings with tax advantages: Contributions grow tax-deferred, and withdrawals are tax-free if used for qualified education expenses.
- Use your funds for a wide range of educational expenses: Your Coverdell ESA funds can be used for elementary, secondary, or college education expenses.
- Flexible beneficiary designation: The beneficiary can be changed to another eligible family member.
- Friends and family can contribute: Anyone can contribute, but the total contribution limit is $2,000 per year per beneficiary.
- Plan for all your children: Multiple accounts can be opened for the same beneficiary.
- Income limits apply: Individuals must earn less than $110,000 if filing single, and $220,000 if joint filing, to make a contribution.
- Simplify your savings: You can roll it over into a 529 plan to consolidate your child’s education savings.
COVERDELL EDUCATION SAVINGS ACCOUNTS
Tax-free growth and withdrawals for qualified educational expenses
A Coverdell Education Savings Account (ESA) is a tax-advantaged way to save for a child’s education. It’s a versatile tool that can help cover a wide range of educational expenses.
- Grow your child’s education savings with tax advantages: Contributions grow tax-deferred, and withdrawals are tax-free if used for qualified education expenses.
- Use your funds for a wide range of educational expenses: Your Coverdell ESA funds can be used for elementary, secondary, or college education expenses.
- Flexible beneficiary designation: The beneficiary can be changed to another eligible family member.
- Friends and family can contribute: Anyone can contribute, but the total contribution limit is $2,000 per year per beneficiary.
- Plan for all your children: Multiple accounts can be opened for the same beneficiary.
- Income limits apply: Individuals must earn less than $110,000 if filing single, and $220,000 if joint filing, to make a contribution.
- Simplify your savings: You can roll it over into a 529 plan to consolidate your child’s education savings.
$50 FOR YOU! $50 FOR THEM!
Refer a Friend for $50
Refer a friend to open their first checking account with Columbia CU and we’ll deposit $50 into BOTH of your accounts. Just our way of saying thanks—and welcome! And, a great way for you to share the value offered through Columbia Credit Union membership with your friends and family.
$50 FOR YOU! $50 FOR THEM!
Refer a Friend for $50
Refer a friend to open their first checking account with Columbia CU and we’ll deposit $50 into BOTH of your accounts. Just our way of saying thanks—and welcome! And, a great way for you to share the value offered through Columbia Credit Union membership with your friends and family.
INDIVIDUAL RETIREMENT ACCOUNT (IRA)
How to open an IRA.
- Apply Online: Click the link below or stop by a branch to take the first step.
- Fund Your Account: Choose a funding method that works for you—link your bank account, make a transfer, or mail a check.
- Start Saving for Retirement or Education: Explore investment options aligned with your goals. Consider stocks, bonds, or mutual funds to build a diversified portfolio.
INDIVIDUAL RETIREMENT ACCOUNT (IRA)
How to open an IRA.
- Apply Online: Click the link below or stop by a branch to take the first step.
- Fund Your Account: Choose a funding method that works for you—link your bank account, make a transfer, or mail a check.
- Start Saving for Retirement or Education: Explore investment options aligned with your goals. Consider stocks, bonds, or mutual funds to build a diversified portfolio.
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Frequently Asked Questions
With a Traditional IRA, you contribute money that you haven’t paid taxes on (known as pre-tax dollars) and your money grows without being taxed. However, when you withdraw the funds, you must pay taxes because you haven’t yet paid any.
On the other hand, when you contribute to a Roth IRA, you’ve already paid taxes on the money before it goes into the account. Therefore, your money grows tax-free and when you withdraw it, you generally don’t pay any taxes because you already paid the taxes upfront.
It’s always a good idea to consult with our retirement specialist, or a tax advisor can help you determine which option is best for your financial situation.
Coverdell ESAs are designed to help families work together to cover upcoming education costs. While Coverdell ESAs offer significant tax advantages, deductible annual contributions are limited based on your income. Task our structured savings experts about whether a Coverdell ESA is right for your education savings needs.
While contributions to this account are not tax-deductible, the potential advantage is that qualified withdrawals in retirement are tax-free. Consult with a financial advisor to determine the best retirement plan for your specific tax situation.
Yes, the ability to contribute directly to this type of account phases out at certain income tax filing levels. The credit union’s website or a financial advisor can provide the most current figures.
There are annual contribution limits for this retirement account. The amount you can contribute may depend on your income and tax filing status. Please consult a financial advisor.
Yes! These types of accounts can be a powerful addition to your retirement savings strategy even if you participate in an employer-sponsored plan. Your contributions may be limited based on your income level.
You can normally start withdrawals without a penalty at age 59 ½. After age 73, the IRS requires you to take required minimum distributions (RMDs).
If funds remain in the account after the beneficiary turns 30, they are generally subject to taxes and penalties. However, some exceptions exist, such as rolling over the funds into another Coverdell ESA for a family member or a special needs beneficiary.
MONEY MARKET ACCOUNTS
Looking for more ways to save?
Earn higher dividends on your savings while maintaining flexibility with a Money Market Account.
- No high minimum balances
- Free personalized checks
- 24/7 Online and Mobile Banking access
MONEY MARKET ACCOUNTS
Looking for more ways to save?
Earn higher dividends on your savings while maintaining flexibility with a Money Market Account.
- No high minimum balances
- Free personalized checks
- 24/7 Online and Mobile Banking access
Other smart ways to save.
Money Market Accounts
Experience higher interest rates than traditional checking or savings accounts with our Money Market Account. Enjoy easy access to your funds while watching your savings grow—because the more you save, the more you earn!
Holiday Club Savings
Enjoy a stress-free holiday season with our Holiday Club Savings Account. Save throughout the year, earn dividends to boost your savings, and access your funds just in time for holiday shopping. The season has never been easier!
Regular Savings Accounts
Start building a secure financial future and become a Columbia member with our Regular Savings Account. Open your account with just $5 and enjoy earning dividends, along with access to our full range of products and services.
