Retirement Accounts
Save now so you can retire on your terms!
Individual Retirement Accounts
Planning for your future has never been easier with Excel FCU’s Individual Retirement Accounts (IRAs). Whether you’re considering a Traditional IRA, Roth IRA, or Coverdell Education Savings (ESA), we’ve got the right tools to help you achieve your long-term financial goals.
Traditional IRA
- Contributions are tax-deductible if you are not an active participant in an employer retirement plan or your income does not exceed certain limitations.
- Investments grow tax-deferred
- Contributions and earnings are taxed only upon withdrawal
Roth IRA
- Contributions are not tax deductible
- Contributions and earnings can be withdrawn tax free with limitations
- Can convert traditional IRA to a Roth IRA and enjoy tax-free withdrawals
- Subject to income tax
Coverdell Education Savings Account
- Earnings grow tax-free
- Can be used to pay qualified elementary school, secondary school, and higher education school
- No tax deduction for contributions
