Preparing for your future.
Individual Retirement Accounts (IRAs) are a smart and easy way to save for a secure retirement. If you don't have an IRA, you owe it to yourself to learn more about the benefits of opening one today.
Already have an IRA somewhere else? Here are some good reasons to move your account to Oxford Federal Credit Union:
- Competitive rates
- Your retirement accounts are insured up to $500,000*
- Depending on the type of IRA you open, contributions may be income tax-deductible or income tax-free at retirement
- Personal service from people you know and trust
We offer these different IRA options:
A Traditional IRA can help you prepare for retirement and fund your goals.
- Earnings and deductible contributions in a Traditional IRA grow income tax deferred until funds are withdrawn.
- You can withdraw up to $10,000 penalty free* towards the purchase of your first home.
- Funds used to pay for qualified educational expenses can be withdrawn penalty free*.
- Funds to pay for certain medical expenses can be withdrawn without paying a 10% early distribution tax.
*You will still owe regular income taxes on any withdrawals made from a traditional IRA
A Roth IRA gives you access to your regular contributions tax- and penalty-free at any time and for any reason.
- If you've had your Roth IRA for at least five years, you can use $10,000 towards the purchase of your first home tax- and penalty-free.
- There are no mandatory withdrawals required from a Roth IRA, allowing you to leave money to heirs income tax-free.
- Roth IRA funds can be used to pay for qualified educational expenses - penalty & tax-free.
Higher education is one of the biggest and most worthwhile financial investments you can make. An Education IRA, more commonly known as a Coverdell Education Savings Account (ESA), can help you start saving for your children's future now.
- You can save up to $2,000 per child per year in an ESA at Oxford Federal Credit Union.
- You can continue saving until the child turns 18. When the money is withdrawn, it can be applied to a broad range of qualified expenses for college or public or private K-12 education..
- You have the ability to transfer funds from one child's account to another child's account in the same family.
To learn more about Individual Retirement Accounts, visit a branch or call us at 800.991.9219.
*Your savings are insured up to $500,000. The first $250,000 per member is insured by the National Credit Union Administration, a U.S. Government Agency, and an additional $250,000 of coverage is provided by Excess Share Insurance Corporation (ESI), a private corporation. Full coverage is provided at no cost to members.