Good is having a job you like. Better is seeing retirement looming on the horizon.

Great is having a plan to retire the way you want. Great is having enough money set aside so your only worry is about how to live your dream, not how to pay for it. Great is knowing your retirement funds are safe.

CME IRAs -- Check out the IRA Center!

Through the IRA Center and in the comfort and privacy of your home you can open your Individual Retirement Account (IRA), manage it, and connect with IRA Specialists - all through online connections. IRA Center has educational articles on IRAs and retirement planning tools, risk analyzers, investment options and the forms you need to complete your transactions.

Retirement Savings Insurance Has Increased!

Effective April 1, 2006, the NCUA increased share insurance limits to $250,000 for retirement accounts such as Traditional and Roth IRAs (Individual Retirement Accounts) and Keogh accounts. All other types of share accounts, such as Savings, Checking, Money Market and Certificate will retain the $100,000 insurance limit for the combined Membership account total. In addition couples contribution limits and catch-up contributions have also increased. NCUA information page.

IRA & Coverdell Savings Brochure

Choose your account
IRA Share Account. A great way to get started! Earn dividends on balances over $50. You receive monthly compounded dividends, at the highest rate of any of our share accounts, and you can use Payroll Deduction to add to your IRA automatically every paycheck.

IRA Share Certificate. Open with just $500, and enjoy the benefits of the higher earning potential of a Certificate. With terms from 3 to 60 months, you can add to your certificate at any time—$50 minimum if by Direct Deposit or $250 minimum by cash or check. Plus, we offer Bump-Up Certificates, which allow you to lock in at a higher rate once during an 18-month certificate or twice during a 30-month certificate.

Choose your IRA
Traditional IRA. If you're not covered by a pension or retirement plan at work, a Traditional IRA may allow you to not only save for your retirement, but save on your taxes as well. Under certain circumstances, with a Traditional IRA, you can contribute up to $5,000 per year, or $5,000 per couple, and receive a deduction on your current year's taxes for the contribution amount. That doesn't mean you're off the hook tax-wise: when you retire, any withdrawals you make from your Traditional IRA are taxed as ordinary income (but for most people, that's at a lower rate than when they're working). Those over 50 may also deposit $1,000 per year over the maximum contribution amount.

As we said, restrictions apply so you should speak to your tax advisor to be sure. But if you qualify, a Traditional IRA is a very sweet deal.

Roth IRA. The Roth IRA has become a very popular option since it was created in 1997...with good reason. No, you don't receive a tax deduction for your Roth IRA contribution. But you get something that many folks find even better–tax-free investment returns! Subject to some limitations, you can contribute $5,000 per person or $5,000 per married couple whether or not you have a qualifying retirement plan at work. Those over 50 may also deposit $1,000 per year over the maximum contribution amount.

Restrictions apply, so check with your tax advisor or financial planner to see if a Roth IRA is right for you.

Coverdell Education Savings Account (Education IRA). If you are saving for your children's education, whether it's college, high school or elementary school, a Coverdell ESA can be a great tool. As with a Roth, you do not receive a deduction for your contribution, but your earnings accrue tax free. In most cases you can contribute up to $2,000 per child per year, and the account may be in either the student's name or a parent's.

You can use the proceeds of the Coverdell account to pay for any qualifying primary, secondary or post-secondary educational expense. Some examples include tuition, books, fees, tutoring, room and board, school uniforms and more. Again, be sure to check with your tax advisor!

Insured Savings
All CME retirement accounts are insured up to a combined total of $500,000. The National Credit Union Administration provides $250,000 of federal coverage. The additional $250,000 coverage is provided by Excess Share Insurance, a private share insurer.

Contact us today to get a great start! Call 614.224.8890 or email to itsgreat@cmefcu.org.