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IRAs and ESAs from Star One Credit Union

Star One's Unique IRA & ESA Features

  • Convenience of payroll allocations and automated deposits
  • No setup, administration or annual maintenance fees
  • Automatic distributions available
  • 10-business-day grace period and automatic renewal on Certificate Accounts
  • Competitive rates
  • Knowledgeable, qualified staff
  • Monthly statement

IRA & ESA Investment Options

 

 Dividend Rate

 APY

IRA Savings

0.75%

0.75%

6 -Month Certificate

0.75%

0.75%

1-Year Certificate

0.80%

0.80%

2-Year Certificate

0.85%

0.85%

 your existing Traditional, Roth, or Coverdell Education Savings Account.

Not yet an IRA owner?  Open a new IRA now!  
 

 Traditional IRAs  Learn more | Open | Contribute!

Your contributions are fully tax-deductible if you are single and are not an active participant in an employer retirement plan (such as a 401(k)). Otherwise, phase-out rules apply. Investments grow on a tax-deferred basis. Earnings are taxed only upon withdrawal. We offer Contributory, Rollover, Conduit, and Spousal plans.  The contribution limit for tax years 2013 and 2014 is $5,500 for both Traditional and Roth IRAs. If you are age 50 (or turned age 50 in the year) you may make an additional $1,000 catch-up contribution, for a total of $6,500 for tax years 2013 and 2014.  The deadline for making a 2013 contribution is April 15, 2014.

Take advantage now of incentives that IRAs offer, which include:

  • Catch-up contributions allowed for individuals age 50 and over
    Add an additional $1,000 over the maximum contribution limit for each tax year in 2013 and 2014.
  • Nonrefundable tax credit available for certain individuals
    You may be eligible to receive a credit, not to exceed $1,000, on your contribution if you meet certain income requirements.
  • Increased portability for your retirement savings
    Untaxed Traditional IRA assets are now generally permitted to be rolled over into a qualified retirement plan (employer plan).

 Roth IRAs  Learn more | Open | Contribute!

Roth IRAs may offer greater tax savings and withdrawal flexibility than a Traditional IRA. While contributions are not tax deductible, contributions and earnings can be withdrawn tax-free on qualified distributions. Roth IRAs have no mandatory annual distribution requirements and you can contribute beyond age 70½. Eligibility depends on income. Both Contributory and Conversion plans are available.  The contribution limit for tax years 2013 and 2014 is $5,500 for both Traditional and Roth IRAs. If you are age 50 (or turned age 50 in the year) you may make an additional $1,000 catch-up contribution, for a total of $6,500 for 2013 and 2014.  The deadline for making a 2013 contribution is April 15, 2014.

  • Catch-up contributions allowed for individuals age 50 & over
    Add an additional $1,000 over the maximum contribution limit for each tax year in 2013 and 2014.

 Education Savings Accounts  Learn More | Open | Contribute!

Coverdell Education Savings Accounts (ESAs) are an ideal way for you to begin saving money to help a child, grandchild or any young person pay for education expenses. The maximum contribution limit per child is $2,000 each tax year.  The deadline for making a 2013 contribution is April 15, 2014.

Here are some of the benefits:

  • Qualified expenses for K-12 school costs
    This includes home computer equipment, Internet access and tutoring.
  • Waiver of age limitations for children with special needs
    The law allows contributions for individuals with special needs beyond age 18 and no mandatory pay-out at age 30.

For more information, call our IRA Specialists at (408) 543-5202 or (866) 543-5202. See our IRA Account Disclosure for more details.

Traditional and Roth IRA Accounts are separately insured to $250,000 by the National Credit Union Administration, an agency of the United States Government. Coverdell Education Savings Accounts are insured under the same provisions as irrevocable trust accounts.

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