Individual Retirement Account (IRAs)

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Community Credit Union offers a variety of IRA options to suit your needs:

Roth IRAs

An 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

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Traditional IRAs

An 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

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SEP IRAs

An 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

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Education IRAs

An 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 Home and Family Education CalculatorCollege Education calculator. Calculators are resources, they are not guarantees of credit. 

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IRA Contributions for 2017


Roth IRA Traditional IRA Education IRA SEP IRA
Maximum contribution limit $5,500 $5,500 $2,000

$54,000*

Maximum contribution limit (Age 50+) $6,500 $6,500

*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.

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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 Administration.

Disputes 

If you have a dispute with Community Credit Union regarding your deposit or share account, you may contact us at 207.783.2096 and attempt to resolve the problem directly. If we fail to resolve the problem, please communicate the problem and resolution you are seeking to:

Maine Bureau of Financial Institutions
Consumer Outreach Program
36 State House Station
Augusta, ME 04333-0036

To file a complaint electronically, you may contact the Maine Bureau of Financial Institutions at http://www.maine.gov/pfr/financialinstitutions/complaint.htm

The Maine Bureau of Financial Institutions will acknowledge receipt of your complaint promptly and investigate your claim. You will be informed of the results of the investigation.