Individual Retirement Accounts
An IRA is a tax-advantaged investment account designed to help you save for retirement.
Make your money work for you, so you don’t have to work as hard in retirement. Schedule an appointment, and let our IRA professionals match you with the right IRA.
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Why Is This The Best IRA For Me?
Beach Municipal FCU's IRA features:
- Three different types of IRAs available, each with its own advantages and qualifications.
- No minimum opening deposit required.
- Competitive Annual Percentage Yields (APY), especially when you invest in an IRA Share Certificate.
- Fixed dividend rates.
- No administration fees.
- Dividends are compounded and credited monthly.
IRA Benefits
An IRA offers many potential benefits:
- Guaranteed return on your investment.
- Earn the higher rate for the entire term of the investment, even if rates drop.
- Because we’re local, it’s easy to make required withdrawals — you’ll speak with a real person and avoid the hassle and delays of impersonal, computerized withdrawals.
- Potential tax advantages.*
- Federally insured by NCUA.
Compare Beach Municipal FCU's Three IRA Options:
This account is beneficial for those who are planning for their retirement or for people who want to benefit from saving for retirement with tax-deferred earnings and possible tax-deductible contributions.
Benefits of a Traditional IRA:
- Anyone who has earned compensation is eligible to open a Traditional IRA.
- Contributions to your IRA may be tax deductible.
- Earnings grow tax-deferred until withdrawn. By deferring tax until you retire, you may receive extra tax advantages as you may be at a lower tax rate than before.
- By deferring tax until you retire, you may gain higher compounded growth than in regular investments.
- You can withdraw funds earlier for a variety of reasons.
- Should you find it necessary to make withdrawals prior to the age of 59 ½, certain penalties and taxes may apply.
- Contribution amounts per year are limited.
To get the most tax advantages possible, please receive professional guidance from a tax advisor. The above benefits are not intended as tax advice.
This IRA is a convenient way to give yourself access to tax-free income upon your retirement. However, there are limitations on allowed contributions.
Benefits of a Roth IRA:
- Contribution amounts per year are limited.
- Contributions can be withdrawn tax-free and penalty-free at any time.
- No age limits for contributing or requirements for minimum withdrawals.
- Penalty and tax-free earnings when withdrawn for a qualifying reason.
The Coverdell Education Savings Account allows a parent, grandparent or friend to set aside money per year, per child, until the child turns 18. Earnings accumulated are tax-free.
Benefits for the Coverdell Education Savings Account:
- Eligibility is based on Modified Adjusted Gross Income.
- Withdrawals for certain qualified education expenses are tax-free.
- Special-needs beneficiaries can withdraw funds tax-free to pay for qualified education expenses at any age.
- Funds can be transferred from one child's account to an account for another child in the family.
| Name | Rate | APY | Minimum Opening Deposit | Minimum Balance to Avoid Service Fees | Minimum Balance to Earn Stated APY | Balance Method |
|---|---|---|---|---|---|---|
| IRA Share | 0.50% | 0.50% | $0.00 | $0.00 | $0.00 | Daily |
Dividend Rate and Annual Percentage Yield were accurate as of the effective date above. Rates are subject to change at any time and are not guaranteed. Rate may change after the account is open. Fees may reduce the earnings on the account. For additional information about fees, please see the Rate & Fee Schedule. For additional information on your account, please see your Membership & Account Agreement. This Credit Union is federally insured by the National Credit Union Administration (NCUA), a U.S. Government agency. Please visit their site for details. If you have any questions or require assistance, please call the Credit Union at 757.333.7787. | ||||||
| Term | Minimum Opening Deposit | Rate | APY* |
|---|---|---|---|
| 12 months | $500.00 | 2.16% | 2.16% |
| 12 months | $2,500.00 | 4.45% | 4.45% |
*APY = Annual Percentage Yield. Dividend Rate and Annual Percentage Yield were accurate as of the effective date above. Rates are subject to change at any time and are not guaranteed. Rate may change after the account is open. Declared minimum balance is required to both open the account and earn the stated APY. Fees may reduce the earnings on the account. For additional information about fees, please see the Rate & Fee Schedule. For additional information on your account, please see your Membership & Account Agreement. Federally insured by NCUA. Early withdrawal penalties may apply. If you have any questions or require assistance, please call the Credit Union at 757.333.7787. | |||
*Consult your tax advisor for details.