‘Someday’ is coming…are you ready to enjoy it?
The years go by in a blur. We spend many of them saying “someday, I will do this” or “when we retire, we’ll do that.” Whether your daydreams include long hikes or short naps, seeing the world or spoiling the grandkids, Oxford FCU wants to help make them a reality with a tax-advantaged Individual Retirement Account.
- Contribute up to $6,500 per year ($7,500 if over age 50)
- Earn competitive dividends
- No annual fees
- Choose Traditional or Roth IRAs
- With Traditional IRAs, you may be able to take an income tax deduction for every year you make a contribution
- With Roth IRAs, all withdrawals are tax-free
- Once you've had a Roth IRA for at least five years, you can use $10,000 towards the purchase of your first home tax- and penalty-free
- With both Traditional and Roth IRAs, all annual interest and dividend income grows tax-free
- Oxford FCU retirement accounts are insured for up to $500,000
There may be penalties for withdrawals before age 59 1/2. It's best to consult your financial advisor for more details about IRAs, their benefits, and deposit and withdrawal guidelines.
Coverdell ESAs
Higher education can be a life-changing and career-shaping experience. The first step is finding a way to afford it. One way to prep for future costs is with a Coverdell Education Savings Account, which is often referred to as an Education IRA because it features similar tax benefits.
- Contribute up to $2,000 per year per student
- Earn competitive dividends
- Funds can be used for K-12 private education as well as college costs
- Annual interest and dividends grow tax-free, and all withdrawals for qualified education expenses are tax-free
- Qualified education expenses include tuition, room and board, school fees, and equipment such as computers
- Any family member can contribute to a child's account
- You can 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.
Oxford Federal Credit Union is a full-service financial institution serving members in Androscoggin, Cumberland, Franklin, Kennebec, Knox, Lincoln, Oxford, Sagadahoc, Somerset and York counties in Maine.