{"id":7432,"date":"2020-03-16T08:55:23","date_gmt":"2020-03-16T13:55:23","guid":{"rendered":"https:\/\/staging-1.zealcu.org\/?page_id=7432"},"modified":"2025-08-01T09:23:29","modified_gmt":"2025-08-01T13:23:29","slug":"iras","status":"publish","type":"page","link":"https:\/\/www.zealcu.org\/iras\/","title":{"rendered":"IRAs"},"content":{"rendered":"\n

Wherever you are on the road to retirement, we have your best interests at heart. Open a Traditional, Roth, Coverdell Education, or SEP Individual Retirement Account (IRA) to start earning dividends and help reduce your present tax burden while saving for the future. We also don\u2019t charge start-up costs or maintenance fees and recommend automatic deposits. The 2020 traditional and Roth IRA contribution limits have increased to $6,000 annually, and $7,000 annually if you are age 50 or older. Educational IRAs have increased to $2,000 annually. The SEP IRA contribution limit is up to 25% of your salary up to $57,000 (subject to cost-of-living adjustments), whichever is less. If you don\u2019t already have an IRA we can help find the best option for your needs.<\/p>\n\n\n\n

* Zeal Credit Union is not licensed to offer tax advice. Please consult a tax advisor about your specific situation, or for information on any tax incentives you may be eligible for.<\/p>\n\n\n\n

Visit your local branch<\/a> to open an IRA today!<\/h3>\n\n\n
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TRADITIONAL IRAs<\/h5>\n
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Make every cent you earn count and create a productive retirement plan. Traditional IRA\u2019s offer tax-deferred earnings and the possibility for tax-deductible contributions. This means you\u2019re not taxed until these earnings are withdrawn. The ability to defer taxes and withdraw in a year when you may be in a lower tax bracket can mean more after-tax dollars in retirement.<\/span><\/p>\n

Learn more about Traditional IRAs<\/span><\/a><\/strong><\/p>\n

Which is right for you?\u00a0<\/span><\/p>\n

Learn more about Traditional and Roth IRAs<\/span><\/strong><\/a><\/p>\n

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ROTH IRAs<\/h5>\n
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Want to boost your retirement savings? A Roth IRA can do just that. Although contributions to a Roth IRA are not tax deductible, earnings can be withdrawn tax-free, along with the money you contribute to the Roth IRA. To take advantage of these generous incentives, you must conform to certain tax requirements to get the tax-free advantage.<\/span><\/p>\n

Learn more about Roth IRAs<\/strong><\/a><\/span><\/p>\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n

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COVERDELL<\/h5>\n
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Whether college is two years away or ten, make saving for tuition a little easier. A Coverdell ESA is an Educational IRA designed to help you pay for your child’s educational expenses. Although your contributions aren\u2019t tax deductible, this IRA offers you the potential for tax-free withdrawals, including earnings. We give it an A.<\/span><\/p>\n

Learn more about Coverdell ESAs<\/strong><\/a><\/span><\/p>\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n

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SEP IRA<\/h5>\n
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If your business is small, your retirement plan doesn\u2019t have to be. A SEP IRA (Simplified Employee Pension) is a retirement plan popular with many small business owners and self-employed individuals. A SEP IRA plan provides business owners with a simplified method to contribute toward their employees\u2019 retirement as well as their own retirement savings. Contributions are made to an Individual Retirement Account set up for each plan participant.<\/p>\n

Learn more about SEP, SIMPLE IRA, and <\/span>Individual(k)<\/span>\u2122 Plan<\/span>s<\/strong><\/a><\/span><\/p>\n

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IRA CDs<\/h5>\n
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\/Do you have money sitting in a 401k or retirement account from a past employer? Move it over to an IRA Certificate of Deposit (CD) and earn a higher interest rate than if the funds were just sitting in a savings account. Plus, you’ll get the additional NCUA coverage on your IRA funds, giving you the extra peace of mind that your CD funds are secure.<\/p>\n

Visit your local branch and ask a Zeal financial representative for more information on IRA CDs today!<\/p>\n

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* All IRA Certificates have a minimum $500 opening balance except a 30 month which has a $100 minimum balance. Penalty for early withdrawal. Rates subject to change at any time – visit ZealCU.org\/rates\/<\/a> to learn more. Deposits and withdrawals are not allowed during the term of the certificate but can be made upon maturity of the CD. You may be able to make partial withdrawals from your IRA CD without a penalty if over retirement age – see a Zeal team member for more information.<\/em><\/p>\n\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n\n\n\n

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* Zeal Credit Union is not licensed to offer tax advice. Please consult a tax advisor about your specific situation, or for information on any tax incentives you may be eligible for.<\/p>\n\n\n\n

Visit your local branch<\/a> to open an IRA today!<\/h2>\n\n\n
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Learn more about these other IRA options:<\/h4>\n\n\n\n