IRA & Education Accounts

Jersey Shore Federal Credit Union offers Traditional and Roth IRAs, as well as Coverdell Education Savings Accounts.

Traditional IRA

This account is perfect for long-term retirement planning, especially if you earn a high income. Instead of paying taxes on the money you invest now, in your current bracket, you pay taxes when you take the money out of the account, after you turn age 59 ½, when your income will likely be substantially lower. Upon retirement, you are able to redistribute the funds to another investment option, but you must pay taxes on the amount you withdraw and the dividends you've earned first.

Roth IRA

If you know you will need your money sooner than retirement age, consider the Roth IRA. It's also a good choice for young people who are just entering the workforce. You will have to pay taxes on the funds now and the interest and earnings accumulate tax-free. While you won't save on taxes now, you could enjoy more overall savings later.

You can withdraw from either IRA early without penalty for certain expenses, like buying your first home. Both are available as savings accounts and certificates.

Coverdell Education Savings Accounts

Parents, grandparents, other relatives, friends, and even minors (with earned income) can set up this account, which used to be called an education IRA, for any beneficiary under age 18 to help him or her pay for school. You can make nondeductible contributions of up to $2,000 per child each tax year. Withdrawals are tax-free, including dividends, as long as the funds are used for qualified education costs. This account can be either a savings account or a certificate. For additional information visit, Coverdell Education Savings Accounts.

Open an Account Today!

There are several convenient ways to open an account:

Your Money Is Safe

Your deposits are insured by the National Credit Union Share Insurance Fund up to $250,000 for savings and up to an additional $250,000 for IRAs. Not one penny of insured savings has ever been lost by a member of a federally insured credit union. For more information about our deposit insurance, visit the National Credit Union Administration's website.