Investment Opportunities with Marine Credit Union
An Eye to the Future
Sometimes it’s difficult to see past today’s financial needs, but planning and saving for retirement, education or another big goal is something you’ll be happy about in years to come. We will explain the benefits of each option and give you practical advice that will fit in with your budget now and build your financial security.
Individual Retirement Accounts (IRAs)
Marine Credit Union offers three distinct methods to save for the long term, including education and retirement. Depending on your objectives, you may choose one or all three in combination. These IRAs are federally insured by NCUA for up to $250,000.
Certificate of Deposit (CD)
A Certificate of Deposit earns dividends based on the opening balance and the term invested. Marine Credit Union offers terms ranging from three to 60 months which allows members to earn higher annual percentage yields.
A Certificate of Deposit is a great way to accumulate money for your child’s education, retirement or vacations. See today’s dividend rates.
This account that allows you to defer taxes on your earnings until they are withdrawn and certain contributions may be tax deductible in the year they are made. New income limits for deductibility have made the Traditional IRA an attractive savings vehicle.
The Roth IRA is a nondeductible account that features tax-free withdrawals for qualified distributions. Earnings are tax free provided they’re withdrawn as part of a qualified distribution, after a five-year holding period. The Roth IRA provides greater distribution flexibility that allows you to work toward different goals, such as a first home purchase or your child’s college education.
Coverdell Education Savings Account (ESA)
Formerly known as the Education IRA, the ESA is a nondeductible account that features tax-free withdrawals for a very specific purpose like a child’s higher education expenses. Distributions for qualified higher education reasons are penalty-free and tax-free. Contributions are limited to $2,000 per child per taxable year.
Call or stop by your local branch for details on any of these accounts. For specific tax information, call a certified tax advisor.