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IRAs

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IRAs

Individual Retirement Accounts

No matter what stage of life you are in, a Cornerstone Credit Union Individual Retirement Account (IRA) can help with your financial planning.

  • If you're just beginning your career, start building your retirement plan with a CCU IRA.
  • If you're already retired, or nearing that date, you should consider a safe, secure CCU IRA.

Call or stop by today--and get started with a Traditional IRA or Roth IRA. Depending upon the type of IRA you invest in, your investment can be used for:

  • A first-time home purchase
  • Qualified college education expenses.

Take Advantage of IRA 
2019 Contribution Extension 

Due to the COVID-19 pandemic, the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which extends the tax filing deadline until July 15, 2020. Part of this extension also changes the contribution dates for Individual Retirement Accounts (IRAs). Members need to remember, from January to July, to identify which tax year they want their contribution to be put toward.
 
For the 2019 tax year, you may contribute up to $6,000 to Roth and Traditional IRAs. If you are over the age of 50, you may also make an additional catch-up contribution of $1,000 for 2019.
 
In addition to the contribution extension, the CARES Act also allows those directly impacted by COVID-19 to:
  • Withdraw up to $100,000 from an IRA without the usual 10% penalty for owners under the 59½ age threshold.
  • Withdraw up to $100,000 from an IRA without the associated income tax if it is fully repaid to the IRA within 3 years. If the money is not fully repaid to the IRA within 3 years, then the associated income tax can be spread out evenly over 3 years.
 
As a reminder, the SECURE Act is in effect. This means, if you were not yet 70 ½ in 2019, you can continue to make contributions as long as you still have earned income.

If you want to take advantage of this extension and make IRA transactions, please call us at 815-235-5855 or 800-711-3277 or email us at contactus@cornerstonecu.org
Traditional IRAs

A Tax-Advantaged Way to Save

The traditional Individual Retirement Account (IRA) is an account that allows qualified tax-deductible contributions and also allows contributions and earnings to grow tax deferred.1 You don't pay taxes on your contributions or earnings until you take them out.
  • Must be younger than 70½ to open
  • $5,000 contribution limit per year, $6,000 if you are age 50 or older
  • Withdrawals can begin at age 59½
  • Mandatory withdrawals at age 70½
  • Early withdrawals subject to penalty2

At Cornerstone Credit Union: No setup or annual maintenance fees. Choose between an IRA Savings or IRA Certificate of Deposit.

Call or stop in today — and get started with your Cornerstone Credit Union IRA!

1 Subject to some minimal conditions. Consult with your tax advisor.

2 Certain exceptions apply, such as healthcare, purchasing first home, etc.


Rates
Roth IRAs

A Roth IRA differs from a Traditional IRA: Contributors gain a tax benefit in retirement; a traditional IRA gives you most of your tax benefit when you contribute. Another difference is you can continue to fund your Roth IRA after you reach age 70½ and you can leave amounts in your Roth IRA as long as you live.

You can open a Roth IRA at any time if you have taxable compensation and your modified adjusted gross income falls within IRS guidelines. Contact us for details.

  • Earnings and principal are 100% tax free upon withdrawal
  • Contributions are not tax deductible
  • $5,000 contribution limit per year, $6,000 if you are age 50 or older
  • No mandatory distribution age
  • Principal contributions can be withdrawn without penalty1
  • Early withdrawals on interest subject to penalty2

At Cornerstone Credit Union, no setup or annual maintenance fees. Choose between an IRA Savings or IRA Certificate of Deposit.

Call or stop in today — and get started with your Cornerstone Credit Union IRA!

1 Subject to some minimal conditions. Consult with your tax advisor.


Rates
Cornerstone Credit Union
1-800-711-3277  •  Routing: 271184425  •  NMLS #743907
 

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Your deposits are federally insured up to $250,000 by the National Credit Union Administration (NCUA), with an added safety net of private insurance (Excess Share Insurance/ESI) for an additional $250,000. This is the highest combination of federal and private insurance available to consumers.