Find out how you can benefit from an Alabama Credit Union IRA

» The annual limit on tax-deferred contributions to Traditional IRAs and Roth IRAs will increase over time. In 2008, the current annual limit grows to $5,000 for those under 50, and $6,000 for those over 50 -- and that applies to Roth and Traditional IRAs. The limit will be indexed to inflation in $500 increments starting in 2009.
» The maximum annual contribution limit for Coverdell Education Savings Accounts (ESAs) is $2,000 per child.
» Tax-free distributions from Coverdell ESAs will be permitted for qualified education expenses for elementary and beyond.

At different stages in your life, you face different financial needs. Whether you want to start saving for your future, avoid taxes on a pension plan payout, or protect a lifetime of savings, an Alabama Credit Union IRA may be the right solution. Besides flexibility, IRAs offer advantages over other savings options, such as the opportunity for tax-deductible contributions or tax-free savings.

Alabama Credit Union offers the following IRA investment options for Traditional or Roth IRAs, and Coverdell (ESAs):
- Savings account (no minimum balance)
- Certificates of Deposit (minimum balance as low as $500)
- Market Index Certificate (minimum balance as low as $500) – See more details here

IRAs at Alabama Credit Union are federally insured up to $100,000 per member (separate from your other Alabama Credit Union accounts) by the National Credit Union Administration, and additionally insured to $250,000 per member by American Share Insurance. That gives you up to $350,000 in deposit insurance protection for your IRA accounts at Alabama Credit Union.

For more information on the tax rules for IRAs, contact the Alabama Credit Union office nearest you or give us a call at (205) 348-5944 or (888) 817-2002.