IRAs

Start planning today!

It’s never too early to start planning for your retirement or your child’s or grandchild’s education. Your Individual Retirement Account (IRA) options at Shoreline Credit Union can help you achieve your goals.

Your IRA options include an IRA share account or a certificate with terms that range from 12 to 60 months. The minimum deposit for certificates is $1,000. 

Traditional IRA

  • A Traditional IRA helps you save for your retirement. Your contributions may be tax deductible*.
  • Individuals under the age of 70 ½ with qualifying income may contribute to an IRA
  • Early withdrawals under the age of 59 ½ are subject to a 10% penalty unless disabled or paying for qualified expenses (first home, education)
  • Mandatory distributions must occur at age 70 ½
  • Contributions may be tax deductible*
  • Interest grows tax-deferred until withdrawn
  • Funds may be used to purchase a first home ($10,000 lifetime maximum)*
  • Funds may be used to pay for qualifying education expenses

Bump Up IRA

  • Grow your retirement money with rising rates
  • 1.10% APR for 36-months with a $5,000 minimum deposit*
  • "Bump up" your dividend rate up to three times over the term of the IRA

*Membership eligibility required. Certain restrictions apply. Annual Percentage Yield (APY) is accurate as of 10/28/15 and is subject to change without notice. Offer may change without notice. $5,000 minimum deposit, new money only. If Shoreline Credit Union’s rates go up, you get the option to bump up to a new rate three times over the life of the Individual Retirement Account. Rate bump applies to our currently published Bump Up IRA rate for the remaining term. Interest compounded and credited quarterly. Limited time offer. No institutional funds. Penalty for early withdrawals as governed by the IRS. One-time rate-bump is standard. Two additional rate-bump options may be purchased at an initial dividend rate discount of 0.05% each. Tax Implications: Please consult a professional tax specialist for IRS rules governing Individual Retirement Accounts, including differences between Traditional IRA and Roth IRA tax treatments and IRS penalties on funds withdrawn from IRAs.

Roth IRA

A Roth IRA allows you to set aside after-tax income up to a specified amount each year. Both earnings on the account and withdrawals after age 59 ½ may be tax-free.*

  • Individuals with qualified income may contribute regardless of age
  • Contributions are nondeductible
  • Early withdrawals before the age of 59 ½ are subject to 10% penalty unless disabled or paying for qualified expenses (first home)
  • No distribution requirements
  • All withdrawals, including earnings, may be tax-free after the age of 59 ½*
  • Not required to take a mandatory distribution
  • Contributions can be made at any age, with qualified income
  • Funds can be used to purchase a first home ($10,000 life time maximum)*

Coverdell Education Savings Account

A Coverdell Education Savings Account (CESA —formally known as ESA) )is designed to encourage savings to cover future education expenses. CESAs allow money to grow tax-deferred and proceeds can be withdrawn tax-free for qualified education expenses.

  • Individuals of any age may contribute for a beneficiary child or grandchild under the age of 18, or according to special needs exceptions**
  • Contributions are nondeductible
  • Funds must be used for qualified education expenses
  • Student can be either full- or part-time
  • Funds must be withdrawn by the time the child beneficiary reaches age 30, or according to special needs exceptions*
  • All withdrawals, including earnings, are tax-free for qualified education expenses
  • Funds can be rolled over to another family member’s CESA

**See your tax professional for details.

If you are interested in IRAs, contact us to schedule an appointment.