Whether you are starting to save for retirement, receiving a pension plan payout, planning to retire soon, or saving for a child's higher education, a Scenic Community Credit Union IRA can help you reach your goals.

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Traditional IRA

With a Traditional IRA, your contributions are tax-deferred (depending on your eligibility), meaning you won't pay taxes on your savings until you withdraw. If you are eligible to take a distribution from your employer-sponsored retirement plan, you may be able to roll it over to a Traditional IRA.

A Traditional IRA may be a good choice if you:

  • are eligible for a Traditional IRA deduction,
  • are not eligible to contribute to a Roth IRA,
  • anticipate a higher tax rate while saving,
  • anticipate a lower tax rate during retirement,
  • are interested in taking required minimum distribution (RMD) amounts during retirement, or
  • are not concerned about tax savings for beneficiaries.

Remember to always consult your tax advisor before opening an IRA.

Roth IRA

With a Roth IRA, contributions are not tax deductible, but qualified distributions are tax-free, if you satisfy the requirements.

A Roth IRA may be a good choice if you:

  • are not eligible for a Traditional IRA deduction,
  • anticipate a lower tax rate while saving,
  • anticipate a higher tax rate during retirement,
  • want to avoid required minimum distributions (RMDs),
  • are concerned about tax savings for beneficiaries, or
  • are not eligible to contribute to a Traditional IRA because of the age limit.
Remember to always consult your tax advisor before opening an IRA.

Coverdell Education IRA

Also known as a Coverdell Education Savings Account (ESA), this account can help you save for a child's education expenses, such as tuition, fees, books, supplies, equipment, and in some cases, room and board. With an ESA, you make nondeductible contributions that may provide for tax-free withdrawals, including earnings, down the road.

Remember to always consult your tax advisor before opening an IRA.
 

Rollover 401K to an IRA

You know it’s there. You know that a portion of your paycheck – with (sometimes) an employer contribution – is accumulating somewhere in a mysterious account. You may even be familiar with the investment firm that is managing it. Or, if you’re really on top of it, you are in tune with how your particular portion of the money is being invested. It’s there, and it’s doing what it’s supposed to do: help you save for retirement.But, what do you do with it when you change jobs? Visit our Retirement Central for information.

Remember to always consult your tax advisor before opening an IRA.

Opening An IRA With SCCU


The above IRA accounts can be invested in one of the following types:

Accumulative

  • Requires initial deposit of $25
  • Additional deposits may be made at any time
  • Variable dividend rate
  • No maturity date 

IRA Share Certificate Account

Conditions are the same as with regular Share Certificate Accounts.

Interested?

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Tax Information Notice for Your IRA
The IRA Fair Market Value is the total of all of your IRA accounts with SCCU. Consult with your tax advisor if unsure whether you qualify for an IRA.