IRAs

An IRA is great way to save for retirement!

An Individual Retirement Account (IRA) is the most fundamental type of retirement arrangement. IRA certificates of deposit can help you save for your retirement while enjoying possible tax advantages. (Please see your tax advisor for full implications.) We have flexible terms to meet your needs and help you start saving today!

Common types of IRAs

  • Traditional IRA: A traditional IRA is a personal savings plan that gives you tax advantages when saving for retirement. Contributions to a traditional IRA may be tax deductible, either in whole or in part. Also, the earnings on the funds in your IRA are not taxed until they are distributed.
  • Roth IRA: A Roth IRA is also a personal savings plan but operates somewhat in reverse compared to a traditional IRA. For instance, contributions to a Roth IRA are not tax deductible; while contributions to a traditional IRA may be tax-deductible. However, while distributions (including earnings) from a traditional IRA may be included in income, distributions (including earnings) from a Roth IRA are not included in income.

Important Note: Northern Colorado Credit Union cannot offer you individual tax advice. You should seek your tax advisor’s advice for your individual IRA tax implications.

Normally, no notice of intent to withdraw shares is required; however, the Northern Colorado Credit Union of Greeley’s bylaws give the credit union authority to require up to sixty (60) days notice for the withdrawal of shares. Interest rates and Annual Percentage Yield (APY) are the prospective rates and yields that the credit union anticipates paying for the applicable period. No additional deposits can be made to an IRA during the term. A penalty will be assessed for early fund withdrawals. Penalties assessed will be 90, 120 or 180 days of earned interest depending on the term. 

Additional Resources