St. Louis Community Credit Union

You are here Savings IRAs


Whatever your age or your savings goals, it’s never too soon to start planning for your retirement. Individual Retirement Accounts (IRAs) allow you to plan for your retirement years by investing up to the maximum amount allowed by federal regulation.  We offer traditional and Roth IRAs along with Coverdell Educational Savings Accounts (ESAs) to help make planning for the future a reality.

IRAs, in general, provide the following benefits:

  • Financial security for your retirement years
  • Competitive interest on even the smallest IRA balance
  • Convenience of payroll deduction for easy contribution
  • Security of knowing your IRA is federally insured to $250,000 by the National Credit Union Administration (NCUA), a U.S. Government agency, and is privately insured an additional $250,000 by ESI

Traditional IRAs provide:

  • Tax-deferred interest until funds are withdrawn (as early as age 59 1/2)
  • Tax deductible contributions, depending on income level
  • A possible deduction from annual gross income on your federal income tax return (consult your tax adviser for details about deductibility)

Roth IRAs provide:

  • Contributions at any age
  • Qualified, tax-free distributions
  • Flexible withdrawal options
Coverdell ESAs allow you to save for educational expenses, including qualified elementary and secondary expenditures.  Earnings grow on a tax-deferred basis and distributions are tax-free if the money is used to pay for qualified expenses.