It’s never too early or late to start saving for your retirement.  Whether you want a Traditional, Roth, or Coverdell Education IRA, EFCU offers you investment choices to give you the highest rate of return to meet your individual needs.  Be sure to consult with your tax professional to ensure maximum tax benefits.

We are ready to help you set up a new IRA, or to assist you with the rollover of an existing IRA to EFCU. Check out our great IRA rates or contact Joycelyn Johnson, our IRA Specialist, at 225-214-6800 for more information.

Traditional

The Traditional IRA offers several tax advantages to qualified members:

• Contributions may be fully tax-deductible;
• Earnings grow tax-deferred until withdrawn;
• Early withdrawals can be made penalty-free for qualifying reasons, such as higher education expenses, first-time home purchases, qualifying medical expenses and more;
• Distributions must begin when you reach age 70½ .

Roth

A Roth IRA allows you to invest after-tax dollars today.  When you retire, you pay no taxes on qualified withdrawals.

• Contributions are not tax-deductible, but can be withdrawn tax and penalty-free at any time;
• Earnings can be withdrawn penalty-free for the same qualifying reasons as Traditional IRA’s;
• Earnings are tax-free if the account has been open for five years and withdrawn for a qualified reason;
• Distributions are not required to begin at age 70½ .

Coverdell Education

With a Coverdell Education IRA, you can make after-tax contributions for a child until the child reaches age 18 years of age.  All earnings are tax-free if used to pay for eligible education expenses. 

• Contribute up to $2,000 per year on a child’s behalf;
• Contributions are not tax-deductible, but can be withdrawn tax- and penalty-free for qualified higher education expenses;
• Funds can be transferred from one child’s account to another in the family.

We are ready to help you set up a new IRA, or to assist you with the “rollover” of an existing IRA to EFCU.