Individual Retirement Account (IRAs)
Community Credit Union offers a variety of IRA options to suit your needs:
Roth IRAsAn account that offers individuals generous incentives to boost their retirement savings.
- Contributions are allowed at any age
- Qualified distributions are tax-free
- Flexible withdrawal options are available
- The amount you can contribute each year is increasing
- Contributions are never tax-deductible
Traditional IRAsAn account that offers individuals generous incentives to boost their retirement savings.
- Earnings accumulate tax-deferred
- Contributions are tax-deductible if you qualify
- The amount you can contribute each year is increasing
SEP IRAsAn account that offers those who are self-employed, sole proprietors, partners, small businesses, small employee groups and corporations generous incentives to boost their retirement savings.
- Tax-deductible contributions
- Contributions may be made until retirement, regardless of age
- Employer contributions are considered a business expense that reduces net profits
Education IRAsAn account that allows you to help pay for your child's education expenses, such as tuition, fees, books, supplies, equipment, and, in some cases, room and board, and computers.
- Tax-free withdrawals when used for educational purposes
- Tax-free earnings when used for educational purposes
To calculate the anticipated education expenses your child may face and see if your savings plan will meet them, click here to connect to the  College Education calculator.
IRA Contributions for 2012
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Roth IRA
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Traditional IRA
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Education IRA
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SEP IRA
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Maximum contribution limit
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$5,000
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$5,000
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$2,000
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$50,000*
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Maximum contribution limit (Age 50+)
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$6,000
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$6,000
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*The maximum amount that can be contributed to a Simplified Employee Pension (SEP) plan is 25% of an employee's compensation.
Any questions concerning contribution limits should be referred to your tax advisor.
Retirement Calculators
The majority of workers remain confident they'll be able to live comfortably in retirement, despite abundant evidence to the contrary, says the latest research.
Consider these numbers from the 2009 Retirement Confidence Survey released in April 2009 by the Employee Benefit Research Institute and Mathew Greenwald & Associates Inc.:
- Three of four workers report that they and/or their spouses have saved for retirement. About half (54%) of workers believe that they will have enough money for a comfortable retirement. A similar percentage (53%) reports retirement savings (not counting home values and defined benefit plans, if any) of less than $25,000.
- About one of three workers (31%) who have not saved for retirement is confident about a comfortable retirement.
Three of four workers who have saved expect to need jobs in retirement to make ends meet.
Calculate Your Nest Egg by connecting to the  Retirement calculators:
Savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government, the National Credit Union Association.
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