IRAs

Choose the IRA that’s Right for You

Traditional IRA

Traditional IRAs are more attractive than ever thanks to expanded income limits which allow more people to deduct contributions. New penalty-free withdrawals are also allowed for qualified educational expenses and for first-time home buyers. Visit the IRS website for details.

Roth IRA

One advantage of a Roth IRA is that all income earned is tax-free upon withdrawal, as long as earnings have been in your account for at least five years and meet one of the following conditions:
• Earnings are received after you turned age 59 1/2
• Withdrawal is used for qualified first home purchase expenses
• Earnings are received because you became disabled

For more information, please visit the IRS website.

Coverdell Education Savings Account
The Coverdell Education Savings Account, formerly known as an Education IRA, lets you contribute each year for anyone under the age of 18. When the beneficiary later withdraws the money to pay for qualified higher education expenses (for example, tuition, fees, room and board), the withdrawals will generally be tax-free. For details, please visit the IRS website.

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All deposit accounts are insured to $250,000 by the NCUA.

Contributions to the Roth IRA and the Coverdell Education Savings Account aren't tax deductible, but have the
benefit of tax-free earnings.

How you set up your IRA can also affect its growth. At Lakeview, you can choose from two IRA Savings options: an IRA Certificate in 1, 2, or 3 year terms; or a Variable IRA, which has a variable rate. For current rates, click here.

Free IRA brochures are available in our offices. Check with your tax advisor for information on how each account might benefit your situation. You may also want to meet with our Lakeview Investment Services representative, Mike Verstegen, for more information.

Opening Your IRA

All types of IRAs must be opened at one of our three convenient locations.

This credit union is federally insured by the National Credit Union Administration.