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Individual Retirement Accounts (IRA)

Saving for your retirement is one of the smartest things that you could ever do. Individual Retirement Accounts (IRA's) have recently gained popularity due to some new and exciting changes to the rules/requirements governing the accounts. We offer several types of IRA's including the Traditional, Roth and Educational IRA programs. There are NO FEES on any of these accounts.

Traditional IRA

A Traditional IRA is an account that allows you to defer taxes on your earnings until you withdraw the funds. Based on your personal tax situation, you may receive a tax deduction for this type of deposit. You must start withdrawing funds once you reach 73.

Roth IRA

This IRA program is gaining popularity because the account allows all earnings to grow tax-free and there is no age that distributions must be made from this account. This IRA is not tax-deductible, however, it does offer some true advantages over a Traditional IRA program. One of the benefits is the provision for "qualified distributions". A qualified distribution from a Roth IRA means the account must have been opened for at least 5 years and you are either older than 59 ½, disabled or a first time home buyer ($10,000 lifetime withdrawal limit). Another benefit of the new Roth IRA is that there is no required distribution. That means that you make the decision to withdrawal funds when you want or need to.

Coverdell Education Savings Account

This IRA account allows you to save for upcoming educational expenses for your children. The maximum that can be deposited into an Educational IRA per child from all sources is $500 annually. The contribution is not tax-deductible. Instead, earnings grow tax-free and you pay no taxes or penalties on the money withdrawn to pay for qualified higher education expenses, such as tuition and fees, before the child reaches 30.

Because these accounts have many different features and the deposits are based on your personal tax situation, please consult your tax advisor before selecting an IRA plan.

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Vision Financial Federal Credit Union
214 Pacific Avenue
PO Box 15818
Durham, North Carolina 27704
Phone: (919) 477-0696
        or (800) 235-8455
Fax: (919) 471-8211
Routing Number: 253175517

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