Planning for retirement? Saving for college? You can open an IRA at iQ Credit Union with as little as $25. Then add to it monthly, quarterly or as an automatic deduction from your paycheck. Here’s a quick primer:
Depending on the depositor's qualified retirement plan status, income level, and marriage status, contributions may be tax-free, withdrawals are taxed. Individuals can deposit up to $5,000 per year or up to 100% of their compensation, whichever is less.
Discover financial flexibility for a tax-free retirement. Contributions are taxed, withdrawals are tax-free. Individuals can deposit up to $5,000 per year or up to 100$ of their compensation, whichever is less, $6,000 if you are over 50.
Coverdell Education Savings Account
(formerly Education IRA): Take advantage of tax-free cash for a college education. Parents, grandparents and family friends can add to the account. Deposit up to $2,000 per year. Use the money for any qualified education expense, including tuition, room and board, books and more.
Earnings in an IRA are tax-deferred until withdrawal. A 10% penalty may be imposed for early withdrawal before age 59 ½. Penalties are based on current tax laws. You should consult with a tax advisor before doing any retirement planning. Tax advice should only be provided by a tax professional.
Opening an IRA Account.
Visit our online IRA
Service Center – a great tool
that will not only answer your questions, but
allow you to open or add to an IRA account online!
IRA accounts are available as a share savings
account and certificates for various terms. You may easily contribute to your
IRA share savings account through regular payroll
deduction deposits. This will help you to build your
retirement savings plan monthly and effortlessly.
IRA deposits are federally insured by the National Credit Union Administration up to $250,000. If you would like to talk to someone in person,
our friendly staff is on hand to provide helpful information
and answer any questions you may have. Click
here for our secure contact form,
stop by any of our convenient eight locations or call the Member Service Center at (360) 695-3441 or (800)
For more information or to set up an IRA, call the Member Service Center at (360) 695-3441