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Investment Accounts

We know you have dreams of a comfortable retirement. And, it’s never too early to start planning how you’ll get there.

So, how to you achieve it? Easy. With an Individual Retirement Account, or IRA, from GE Credit Union.

What is an IRA?

Individual Retirement Accounts, or IRAs, are accounts that allow you to save for retirement through yearly contributions, all while offering tax benefits.

What we offer

Traditional IRA

Traditional IRAs are taxed at withdrawal, but allow tax deductions on the contributions that you make. Also, this type of IRA requires you to begin withdrawing funds at 70 ½ years of age.

Roth IRA

A Roth IRA allows you to enjoy tax-free growth but you’ll pay taxes on your contributions. Your contributions also depend on the modified adjusted gross income, or MAGI, limits. And, a Roth does not require you to withdraw at any age.

Which one is best for you?

With IRAs, there’s a lot of know. And deciding which one is best for you can be a little confusing. But, at GE Credit Union, we think knowledge is the key to success.

Here’s a link to get the run down on all the IRA basics and to learn about their differences.

Or, you can listen to a podcast explaining it all.

Coverdell Education IRA

Coverdell Education Savings Account is the perfect solution for saving for your child or grandchild’s college tuition. In fact, you can save for any qualifying educational expense from kindergarten through college.

  • Competitive interest rates
  • Only $500 to open
  • Contribute up to $2,000 per year, per child under the age of 18
  • No maintenance fees
  • Tax-free withdrawals
  • Tax-free growth
  • No penalties at withdrawal
  • Beneficiary must be 30 years or younger at withdrawal

Minimum opening deposit $500. For all certificate accounts, if you withdraw any portion of your principal before maturity, you may be charged a penalty of up to six months’ dividends. Certificate Accounts are insured to at least $250,000 by the NCUA. 2Depending on your income level. Consult with your tax advisor for limits..

Not a GE Credit Union member yet? See how you qualify to join! Or, call 800-992-8472 or come visit us at any of our branches, today!