Individual Retirement Accounts

IRA

An IRA lets you defer tax dollars now while you save for retirement. If eligible, you can contribute up to a maximum of $5,000 each year to your IRA. The yearly amount you contribute could be deductible from your taxable income (if you are over 50, this amount is $6,000). You pay no taxes on the principal or the accrued interest until you begin withdrawals, at which time you will likely be in a lower tax bracket. CCFCU invites you to talk with our IRA consultant for specific information about account procedures, rates and legal requirements.