Lake Trust Credit Union IRA

An IRA is a good investment vehicle at any age, offering tax advantages while you save for the future. Your Lake Trust Credit Union representative can explain your options and help you establish an IRA to fund your retirement or your child's education. But an IRA is more than a tax advantage. A Lake Trust Credit Union representative can help you establish and maintain an IRA that supports your life goals by funding your retirement or your child's education and making certain your money will be there when you need it. Traditional and Roth IRAs are separately insured from your savings up to $250,000.

With a Lake Trust Credit Union IRA, you'll enjoy:

• Competitive interest rates
• Low or no annual maintenance fees
• Insured deposits
• Simplified contributions through payroll deductions
• Low minimum deposit requirements
• Personal answers to your questions
• A full range of financial services

Traditional IRA

A Traditional IRA offers a valuable opportunity to build security for your retirement years:

• Contributions may be tax deductible, which reduces your current tax bill
• Distributions are mandatory at age 70 1/2
• Taxes are paid when you withdraw funds at retirement, when your tax rate may be lower

Roth IRA

If you don't need a tax break now, the Roth IRA offers flexibility and an easy, secure way to plan for the future:

• Contributions are not tax deductible
• You can withdraw regular contributions at any time, without tax or penalty
• You do not have to take mandatory distributions at age 70 1/2.
• If your Roth IRA has been open for at least five years, earnings can be withdrawn tax-free and penalty-free if you are over age 59 1/2

Coverdell Education Savings Accounts (ESAs)

Also known as Education IRAs, your contributions to Coverdell ESAs provide an effective way to pay for educational expenses:

• Contributions are not tax deductible
• Withdrawals – including earnings – are tax-free if they are used for tuition and other qualified education expenses.
• Unlike section 529 plans, Coverdell ESAs can be used for elementary and high school expenses at most public, private, and parochial schools.