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INDIVIDUAL RETIREMENT ACCOUNT
A Telco IRA can maximize your financial resources for a rewarding retirement!
Individual Retirement Account features include:
No minimum balance to open accrual account
No monthly fees
Contributions may be made in "lump sums" or by regular deposits to the IRA Share throughout the year
Dividends are paid quarterly
Investments are Federally insured separately to $250K by NCUA
Investment Options: Accumulation, Certificate, or Personal Reserve available
We offer 3 types of IRA's, all with competitive dividend rates.
Traditional IRA*
The Traditional IRA has widespread appeal due to its tax-deferred status and the fact that many people are eligible. You qualify if you are under age 70 1/2 and earn compensation. There are no income limits for contributions. Combined contributions to a Roth and/or Traditional IRA are limited to $4000 per person, per year. Contributions may be fully or partially tax-deductible. Earnings are tax-deferred until withdrawn. If you are 50 years or older you qualify for the "Catch Up Contribution" - this means you can contribute an additional $1000!
Roth IRA*
Contributions to a Roth IRA are not tax-deductible, however a Roth IRA offers the opportunity for tax-free earnings. Roth IRA contributions are always made with after-tax dollars and income restrictions do apply. There are no age restrictions. Regular contributions can be withdrawn at any time for any reason. Total combined contributions to a Roth IRA and a Traditional IRA cannot exceed $4000 per person, per year. Contribution limits adjust annually.
Coverdell Educational Savings Account*
(Formerly known as the Education IRA) You can save up to $2000 per child per year in a Coverdell Education Savings Account. Although contributions are not tax-deductible, withdrawals (including earnings) are tax-free and penalty-free if used for qualified education expenses.
Allow us to open your IRA account today. Call our Savings Officer at 502-459-3000 or 800-292-9490 or e-mail us at mbrsrvcs@kytelco.com.
*Not intended to provide tax advice. Please consult your tax advisor.