Waterfront Federal Credit Union

Individual Retirement Accounts (IRAs)

Don’t let the name fool you because while Individual Retirement Accounts (IRAs) are an ideal method to save for retirement, you can also use them for other big expenditures like education and possibly the purchase of your first home.

All of our following IRA accounts include:

Competitive rates
Automatic savings plan
Funds are Federally Insured by the NCUA up to $250,000
Rollover of retirement funds
Easy online access to check balances and transfer funds 24/7/365 with Waterfront@Home online banking, or through our automated phone teller system

Traditional IRA

Invest up to $5,500 annually or $6,500 if you're age 50 or older
Contributions may be tax deductible (see a tax advisor)
All earnings on your IRA are tax-deferred until withdrawn
Withdrawals from the account may be made penalty-free before age 59 1/2 to help finance qualified higher education expenses and qualified first-time home purchase (see a tax advisor)

Roth IRA

Invest up to $5,500 annually or $6,500 if you're age 50 or older
Contributions are not tax deductible
No tax on earnings for qualified distributions
Withdraw contributions tax-free any time

Coverdell Education Savings Accounts

Invest up to $2,000 per child per year
Contributions are not tax deductible
Withdraw funds tax-free and IRA penalty-free to finance qualified higher education expenses