Seven Seventeen Credit Union in Warren, OH
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IRAs - Individual Retirement Accounts

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Traditional Individual Retirement Accounts (IRAs)


The Traditional Individual Retirement Account (IRA) offers individuals younger than age 70 ½ a tax-deferred investment option. Certain contributions also are tax deductible in the year they are made. Seven Seventeen IRAs are Federally insured by the NCUA.

A Traditional IRA may be right for you if:

  • You or your spouse are younger than age 70 ½ and have earned income
  • You want to make tax-deductible contributions (consult your tax advisor)
  • You want to defer taxes on your earnings until the year you withdraw them

With a Seven Seventeen Traditional IRA:

  • Rollover or transfer your IRAs from other institutions
  • Get competitive fixed rates
  • Funds are Federally insured by the NCUA
  • You can withdraw funds from your Traditional IRA without incurring the 10 percent premature-distribution tax any time after age 59 ½ for specific reasons such as disability and qualified medical expenses, certain higher-education expenses and a first-time home purchase
  • Your total combined contribution for all of your Traditional and Roth IRAs cannot exceed the maximum contribution (plus the catch-up amount if you are age 50 or older)*
*COLAs are potential cost-of-living adjustments each year. For more information, visit the IRS website at www.irs.gov.
 
Save for the future with an IRA

Roth Retirement Accounts (IRAs)


The Roth IRA enables individuals to make nondeductible contributions that are taxed in the year they are earned rather than when they are withdrawn. If you or your spouse has earned income during the year and your modified adjusted gross income does not exceed certain limits, you may invest a prescribed amount in this account. Seven Seventeen IRAs are Federally insured by the NCUA.


A Roth IRA may be right for you if:

  • You or your spouse have earned income
  • Your modified adjusted gross income (MAGI) does not exceed certain limits.
  • You want tax-free earnings on qualified distributions
  • You want to withdraw your contributions after a five-year holding period for any of the following reasons:
    • You have reached age 59 ½
    • You have a permanent disability or qualified medical expenses
    • You are making a first-time home purchase
    • You have certain higher-education expenses

With a Seven Seventeen Roth IRA:

  • Contributions are non-deductible
  • Qualified contributions may be withdrawn without IRS penalty
  • Competitive fixed rates
  • Funds are Federally insured by the NCUA
  • Your total combined contribution for all of your Traditional and Roth IRAs cannot exceed the maximum contribution (plus the catch-up amount if you are age 50 or older).*

 

Open a Retirement Account today!


Seven Seventeen Credit Union can help you with all of your retirement needs. Seven Seventeen Credit Union provides banking services to the greater Youngstown, Warren, Kent, Ravenna and Canton Ohio areas. Contact us today!

 

*COLAs are potential cost-of-living adjustments each year. Your Roth IRA contributions may be further limited by your modified adjusted gross income (MAGI). For more information, visit the IRS website at www.irs.gov.



© Seven Seventeen Credit Union. All rights reserved.
3181 Larchmont Ave. NE
Warren, OH 44483
Serving the greater Warren, Kent, Ravenna, Canton, and Youngstown, OH areas with branches in Warren, Cortland, Vienna, Howland, Hubbard, Austintown, Boardman, Kent, Ravenna, and Canton.
Anyone who lives or works in Trumbull, Mahoning, Columbiana, Portage, Summit or central Stark Counties in Ohio is eligible to bank with Seven Seventeen Credit Union.

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Seven Seventeen Credit Union is federally insured by the National Credit Union Administration.