RT# 267078707
RT# 267078707
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Individual Retirement Accounts (IRAs)

Secure your financial future with SUN Credit Union’s Individual Retirement Accounts (IRAs).
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What is an IRA?

An Individual Retirement Account (IRA) is a tax-advantaged savings account designed to help you save for retirement or education expenses. IRAs allow you to grow your savings with tax-deferred or tax-free earnings, depending on the type of account you choose. With NCUA insurance and low administrative fees, SUN Credit Union’s IRAs offer secure, cost-effective options for your long-term savings goals.

How Does an IRA Differ from Other Savings Accounts?

Tax Advantages

IRAs provide tax-deferred or tax-free growth, depending on the type.

Long-Term Focus

Specifically designed to help you save for retirement or education expenses.

Contribution Limits

Annual contribution limits apply, making it a structured savings tool.

Additional Protection

Federally insured separately by the NCUA for added security.

Best Uses for an IRA

  • Retirement Planning: Build a secure financial future with steady growth and tax benefits.
  • Education Savings: Use an Educational IRA to save for qualified education expenses.
  • Tax Savings: Take advantage of tax-deferred or tax-free growth depending on the type of IRA.

IRA Options at SUN Credit Union

Traditional IRA

Save for retirement with pre-tax contributions and enjoy tax-deferred growth on your earnings. Withdrawals in retirement are taxed as income, but your contributions reduce your taxable income now.

Features Include:

  • Tax-deferred growth
  • Potential for immediate tax benefits
  • No income limits for contributions

Roth IRA

Invest in your future with after-tax contributions and enjoy tax-free withdrawals in retirement. Roth IRAs are ideal for individuals who anticipate higher tax rates in the future.

Features Include:

  • Tax-free growth
  • No taxes on qualified withdrawals
  • Contributions can be withdrawn at any time without penalty

Educational IRA (Coverdell ESA)

Plan ahead for educational expenses with a tax-advantaged savings account. Educational IRAs help you save for tuition, books, and other qualified education costs.

Features Include:

  • Tax-free growth for qualified educational expenses
  • Contributions are limited but offer valuable tax savings
  • Flexible use for primary, secondary, and higher education costs

Why Choose SUN Credit Union for IRAs?

  • NCUA-Insured: Retirement accounts are insured separately, providing added protection for your savings.
  • Low Fees: Save more with our low administrative costs.
  • Flexible Options: Choose the IRA that best fits your financial goals.
Start saving for your future today with a SUN Credit Union IRA. Whether planning for retirement or education, we have the tools and support to help you succeed.
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Your Savings Federally Insured to at least $250,000 and backed by the full faith and credit of the United States Government National Credit Union Administration. Equal Housing Opportunity. Copyright 2024 SUN Credit Union. Cookies are used on this website to improve functionality and performance and to analyze traffic to the website.

1 Annual Percentage Rate (APR) = Annual Percentage Rate. Subject to term and credit qualifications. Annual percentage rates may vary. Annual percentage rates may change during loan terms on variable rate products. Membership and/or participation fees may apply. Inquire about specific fees for a product through your credit union.

2 Annual Percentage Yield (APY) = Annual Percentage Yield. Rates may change at any time without prior notice after the account is opened. Fees may reduce earnings. APY determined at time of funding.

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