Individual Retirement Accounts (IRAs):  IRAs are a great tax-friendly way to save for retirement and thanks to the Economic Growth and Tax Relief Act, they have even gotten better.

• Increased annual contribution limits 
• Catch-up contributions for individuals 50 yrs. of age and older
• Easier to consolidate assets in IRAs and employer-sponsored plans
• Offers a tax credit to low and middle-income individuals who make IRS contributions

Traditional IRAs are more attractive than ever because expanded income limits mean more individuals will be able to deduct their contributions. In addition, penalty-free withdrawals are allowed for qualified educational expenses and first-time home purchases.

Roth IRA contributions are not tax-deductible, but individuals may make penalty-free and tax-free withdrawals as long as the account has been open at least 5 years and the individual is over 59 1/2, or disabled or buying their first home.

Because IRA earnings are usually sheltered from taxes, either upon deposit or withdrawal, IRA earnings usually grow faster than ordinary savings accounts. Contact your Credit Union IRA Specialist for more information:

• Colette Wagner *cwagner@atlanticregional.com or (207) 725-8728 x127
• Tonia Dunton *tdunton@atlanticregional.com or (207) 725-8728 x318

Specific plan details and limitations:

• NO minimum balance is required for Traditional and Roth IRAs
• NO monthly fees
• Contributions may be made in "lump sums" or by regular deposits (throughout the year)
• Dividends are paid monthly

>>>IRA or IRA Certificate Rates

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