Individual Retirement Accounts (IRAs)
A GPCE Credit Union Individual Retirement Account (IRA) offers you tax savings today and a secure retirement in the future. An IRA is a special savings plan authorized by the Federal government to help you accumulate funds for your retirement. Every individual who has earned income may contribute to an IRA.
Your IRA contribution may be fully or partially tax deductible depending on your income level as established by law. If neither you nor your spouse are an active participant in a company pension or profit sharing plan, you can deduct 100% of your IRA contribution regardless of income level up to the maximum allowed by law.
But suppose you’re among those who cannot claim a tax deduction. Does this mean you should not make a contribution? Not at all. Contributing to your GPCE Credit Union IRA is still a smart move for these reasons — because you still need to build funds for your retirement and because all the earnings you accumulate in your IRA are tax sheltered until withdrawn.
GPCE Credit Union IRA deposits may be invested in the IRA Share Account that requires an investment of at least $25 or the IRA Certificate Account that requires a minimum investment of $1,000. Both IRA accounts pay competitive rates of return and all GPCE Credit Union IRA accounts are separately insured up to $250,000 by the NCUA, an agency of the federal government.
Due to the complexity of IRAs, you should plan to consult with a tax professional to make sure you are making the most of your money. GPCE Credit Union cannot provide tax advice regarding IRAs.
Please contact GPCE Credit Union for further information and assistance in choosing an IRA account that suits your investment needs best. Our friendly IRA representative can be contacted at 850-430-1975.