IRAs
Thinking about the future? You may be dreaming about retirement, planning for education expenses, or both. Let Indiana Members Credit Union turn your goals into a plan by helping you open a tax-advantaged Traditional IRA or Roth IRA, or a Coverdell Education Savings Account designed to help save for qualified education expenses.
A smart move, no matter where you are in life.
Just launching your career? By opening an Individual Retirement Account now, you'll have decades to build an impressive nest egg. Enjoying your prime earning years? An IRA is the ideal addition to your employer-based retirement plan.
Planning for education costs as well? A Coverdell ESA provides a tax-advantaged way to save for qualified primary, secondary, and higher education expenses, helping you invest in a child’s educational future with confidence.
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A savings account that can fund your ideal lifestyle.
Put funds in an IRA savings account or IRA Certificate.
Earnings grow tax-deferred for Traditional IRAs and may be tax-free for Roth IRAs if IRS conditions are met.1
Coverdell Education Savings Accounts provide tax benefits for college savings.
Traditional IRAs
Enjoy tax benefits now – and well into the future. With a Traditional IRA, you may be able to take a tax deduction each year you make a contribution. And all annual interest earnings are tax-exempt until you reach your retirement years.
- Annual tax deductions depend on your income level.
- Invest funds in IRA Savings or IRA Certificate Accounts.
- Begin making penalty-free withdrawals at age 59 ½.
- No tax payments until you begin making withdrawals.
- Earlier withdrawals permitted for higher education costs, first home purchases, and certain medical expenses.
- Required minimum annual withdrawals when you reach age 73.
Roth IRAs
You cannot claim annual tax deductions on annual contributions, but Roth IRAs offer other advantages. The primary benefit is that all qualified withdrawals are tax-free beginning at age 59 ½, reducing your tax burden during your senior years.
- Invest funds in IRA Savings or IRA Certificate Accounts.
- Roth IRA contributions – but not interest or dividends – may be withdrawn at any time, tax-free and penalty-free.
- Begin making tax-free and penalty-free withdrawals at age 59 ½ as long as the account has been open for at least 5 years.
- No required minimum withdrawals at any age.
- Higher income earners may not be permitted to contribute to a Roth IRA. Check with your financial advisor.
Coverdell Education Savings Accounts
Originally called Education IRAs because they share many of the tax rules as retirement accounts, Coverdell accounts can help families save for private primary and secondary school tuition and qualified education costs.
- Contribute up to $2,000 annually per child.
- Funds can be used for tuition, room and board, lab and equipment fees, textbooks, and other academic materials.
- Account contributions are made with post-tax dollars, but annual interest earnings are tax-exempt and qualified withdrawals are tax-free.
- All contributions must be made before student turns 18.
- If the student doesn't need the funds for educational purposes by age 30, they may be transferred to another family member.
- Anyone within income restrictions may contribute to a student's ESA, including parents, grandparents, aunts, uncles, siblings, etc.
Visit us today and we'll help you open an IRA and start saving for your retirement.
The best investment advice starts with us listening to you.
Offering quality service from people you know, located at a financial institution you have confidence in. Turn to us for guidance in financial management and retirement planning.
1Indiana Members Credit Union is not licensed to provide tax advice. Please refer to your tax advisor for details.
2APY = Annual Percentage Yield. Membership savings account required. $1,000 minimum deposit. Maximum $1,000,000 per household. Not eligible for online opening. Rates effective 07.01.2026 and subject to change at any time. Penalty for early withdrawal.
370-Month certificate account only. APY = Annual Percentage Yield. 4.22% dividend rate. Membership savings account required. $1,000 minimum deposit. Maximum $1,000,000 per household. Rates effective 07.01.2026 and subject to change at any time. Penalty for early withdrawal. Will renew to the 60-month certificate account if auto-renew is chosen.
2APY = Annual Percentage Yield. Membership savings account required. $1,000 minimum deposit. Maximum $1,000,000 per household. Not eligible for online opening. Rates effective 07.01.2026 and subject to change at any time. Penalty for early withdrawal.
370-Month certificate account only. APY = Annual Percentage Yield. 4.22% dividend rate. Membership savings account required. $1,000 minimum deposit. Maximum $1,000,000 per household. Rates effective 07.01.2026 and subject to change at any time. Penalty for early withdrawal. Will renew to the 60-month certificate account if auto-renew is chosen.