Individual Retirement Accounts (IRAs)

No matter what stage of life you're in, a CINCO IRA can help with your financial planning. Will you have enough money to enjoy a golden retirement and reach your other long-term goals? If you're worried about coming up short, an Individual Retirement Account (IRA) from CINCO may be just the answer you've been looking for. You could be getting more from your money by investing in a Traditional, Roth or Coverdell IRA.

Both Traditional and Roth IRAs offer special tax advantages. In fact, you may be eligible to contribute to both kinds of IRAs in the same year.

With a CINCO Traditional IRA, all dividends are tax-deferred until they are withdrawn, while Roth and Coverdell IRAs are tax-free including dividends. Also, a new law has been passed by Congress that provides up to $250,000 of protection for the combined total of Traditional and Roth IRAs by the National Credit Union Administration (NCUA). The increase in NCUA coverage helps members who have saved more than the previous insurable amount of $100,000.

A Coverdell Education Savings Account (ESA) can help you save for a child's or grandchild's education. All withdrawals, including earnings, are tax-free for qualified educational expenses. Coverdell ESAs can be used to pay for elementary and secondary education expenses. The total contributions each year to each child's Coverdell ESA cannot exceed $2,000.

We have both flex and fixed rate certificates* with attractive terms and rates. The flex rate has no specific maturity date. The fixed rate offers terms from 3 to 60 months. Or, you may select to invest your IRAs in mutual funds**, annuities**, or in a self-directed IRA brokerage account**.

IRA contribution limits have increased making IRA accounts even more attractive. You may now contribute up to $5,000 this year with an additional $500 catch-up provision if you are 50 or older.

Consult your personal tax advisor for information on which IRA is right for you.

Simplified Employee Pension Plan

If you are self-employed or work for a small business, you may be eligible to contribute up to the lesser of 25% of compensation or $40,000 to a SEP, or Individual Retirement Account. Deductible contributions and tax deferred earnings then grow in the account. Investment choices range from Fixed Rate Certificates* to other investment choices including self-directed IRA brokerage accounts, mutual funds and annuities.**

*Penalties will be charged if redeemed before maturity.

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