Individual Retirement Accounts (IRAs)
It is never too early to begin saving for retirement with a Tuscaloosa VA Federal Credit Union Individual Retirement Account (IRA).
IRAs are special-purpose savings plans created by the federal government to help you build funds specifically for your retirement or education. Tuscaloosa VA Federal Credit Union offers several IRA options:
Rules for withdrawals and tax implications vary depending on the type of account selected.
IRA dividends are subject to change and are set according to prevailing market rates. Dividends are calculated on your daily balance, paid, and compounded monthly. Tuscaloosa VA Federal Credit Union pays a higher dividend rate than most financial institutions. Since we have no stockholders, our profits are returned to our members in the form of higher dividends!
If you are interested in establishing an IRA with Tuscaloosa VA Federal Credit Union, please visit one of our branches where we will be glad to assist you or call Joy at (205) 556-7819 ext. 114.
The information provided here is not intended as tax advice. Please consult a tax professional.
The chart below highlights details and advantages of some IRAs. If you are eligible for a Traditional IRA and a Roth IRA and are still unsure which account is right for you, consider these general rules-of-thumb:
Also, remember Coverdell ESAs (formerly known as the Education IRA) offer tax-free distributions and, unlike Section 529 plans, can be used for elementary and high school expenses at most public, private and parochial schools.