Individual Retirement Accounts (IRA)
CCU Florida offers IRA accounts that can help you save for retirement.
Please consult your tax advisor to determine which accounts would be best for your situation or go to www.irs.gov for more information.
Contributions are tax-deductible (money deposited before tax or contributions are made with pre-tax assets), all transactions and earnings have no tax impact, and withdrawals at retirement are taxed as income (except for those portions of the withdrawal corresponding to contributions that were not deducted). You can make contributions if you (or your spouse, if you file jointly) received taxable income during the year. Your annual contributions to an IRA cannot exceed what you earned that year. Please visit the IRS website for more information about annual contribution limits. Start with an initial deposit of $10. No minimum annual deposit. Contributions by payroll deduction available. Insured up to $250,000* by the NCUA.) See page for additional IRA Account types.
Contributions to a Roth IRA are not tax-deductible at the time you make contributions. Withdrawals of contributions are tax-free. An advantage of a Roth over a Traditional is that there are fewer withdrawal restrictions and requirements. Start with an initial deposit of $10. No minimum annual deposit. Contributions by payroll deduction available. Insured up to $250,000* by the NCUA.
You can have a Traditional IRA whether or not you are covered by any other retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan. If both you and your spouse have compensation, each of you can set up an IRA. You cannot both participate in the same IRA, and your annual contributions to an IRA cannot exceed what you earned that year. Please visit the IRS website for more information about annual contribution limits..
Contributions can be made to your Traditional IRA any time during the year or by the due date for filing your return for that year, not including extensions. For most people, this means that contributions must be made by April 15th. If an amount is contributed to your Traditional IRA between January 1 and April 15, you should let Community Credit Union know which year the contribution is for, either the current year or the previous year. If you do not tell Community Credit Union which year it is for, then we will assume, and report to the IRS, that the contribution is for the current year.
Please consult your tax professional for advice or go to www.irs.gov for more information.
How to Open Your Account:
By Phone:
Speak to a Member Service Representative: 321.690.2328 (outside Brevard, 1.800.690.2338)
In Person:
Stop by one of our seven branch locations. Our Rockledge and Palm Bay branches are open Saturdays from 9 am to noon.
Online:
Existing CCU Members: Use the Mobile App or log in to eBranch Online Banking and your personal information will be pre-filled for you. Or, you may use the application found by selecting the "Open an Account" link below, but you will be asked to provide your personal information, including your Member Number. Select “Existing Member”.
Mobile App: Go to More and select Open An Additional Account
eBranch Online Banking: Select the Online Application link at the upper right of the screen.
Prospective CCU Members: Select the image below, then select the “Become a Member” link.
*APY=Annual Percentage Yield. If you have a Roth IRA and a Traditional IRA, these IRAs will be insured in the aggregate to the maximum of $250,000.
