WWCU offers excellent
retirement options for all members. Plan for your future
with competitive, tax-deferred dividends on Traditional, Roth
or Educational IRAs. Please contact
our office to set up
your new IRA today!
General Information about IRAs
 An individual retirement arrangement, or IRA, is a personal savings plan that allows you to set aside money for retirement, while offering you tax advantages. You may be able to deduct some or all of your contributions to your IRA. Amounts in your IRA, including earnings, generally are not taxed until distributed to you. IRAs are individual and cannot be for the benefit of more than one person.
To contribute to a traditional IRA, you must be under age 70½ at the end of the tax year and have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment. In addition, taxable alimony and separate maintenance payments received by an individual are treated as compensation for IRA purposes.
The amount you may contribute to your traditional IRA
for any year is determined by your age, your taxable compensation,
whether or not you have another pension plan at work. After age 50,
individuals are allowed to make additional deposits to "catch-up".
Call the office today for more information on contribution amounts.
Amounts you withdraw before you reach age 59½ may
be subject to a 10% penalty. You also may owe an additional tax if
you do not begin to withdraw minimum distribution amounts by April
1st of the year after you reach age 70½. Our IRA program will
send you information when you reach these limits.
Amounts you withdraw before you reach age 59½ may be subject to a 10% additional tax. You also may owe an additional tax if you do not begin to withdraw minimum distribution amounts by April 1st of the year after you reach age 70½.
More information on IRAs, including information on tax-free transfers and rollovers, is available
online by accessing
the IRS website
Tax Information for Retirement Plans Community . Publications and forms may be downloaded from this site or ordered by calling
1-800-829-3676.
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