Individual Retirement Accounts (IRA)
Badger Globe Credit Union is the perfect place to save. With an IRA, you get the security of NCUA and additional deposit insurance, up to $250,000.00. Don’t forget the great tax savings as well!
IRAs mean choices for you at BGCU. Our Open Deposit Account IRA has no early withdrawal penalties from the credit union. We also offer Roth IRAs and IRA Certificates in 12, 24, and 36 month terms. With all these choices, you’ll be glad to know we have a certified IRA specialist on staff to help you make the best decision. Enjoy the tax advantages of saving for your retirement in one of these IRAs, federally insured up to $250,000.00 in addition to the insurance on your other BGCU savings accounts.
Types of IRA Accounts
With this IRA, contributions you make to the account are often tax deductible and taxed upon withdrawal. This allows you to defer taxation until your retirement, when you may be in a lower tax bracket.
Contributions you make now are not tax deductible, but can be withdrawn tax and penalty-free at any time. Earnings can be withdrawn tax and penalty-free for certain reasons after five tax years. If you do not need the immediate tax break or expect to be in a higher tax bracket when you retire, this may be the account for you.
Coverdell Education Savings Account
This savings account allows individuals to save money for a child’s higher education on a tax-favored basis. Withdrawals can be used for qualified education expenses from elementary school to college and are tax and penalty-free. Earnings are subject to tax and penalty for other withdrawals.