IRAs 

An IRA (Individual Retirement Account) is a special savings plan authorized by the Federal government to help you accumulate funds for your future. Every individual who has earned income or received alimony is able to contribute to an IRA. Originally, IRAs were set up only for retirement savings. Now, IRAs can help you save for retirement, a first home, or a college education. Since earnings inside an IRA are tax-deferred, an IRA can help you reduce your tax bill each year while you save for your goals. There are two types of IRAs. The criteria and benefits of the Traditional and Roth IRAs are listed below.

TRADITIONAL IRA

1. Opportunity for tax-deductible contributions
2. Contribute up to $5000.00 per year in 2008 (Over 50? You can contribute an additional $1000.00 per year as a catch up contribution)
3. Available to anyone under age 70½ with compensation
4. Tax-deferred earnings
5. Penalty-free withdrawals for a first-time home purchase or higher-education expenses

ROTH IRA

1. Nondeductible contributions
2. You may contribute up to $5000.00 in 2008. This amount may be a combination of both Traditional and Roth IRAs. If age 50 you may contribute an additional $1000.00 as a catch up contribution
3. Available to anyone who earns compensation and meets the income requirements 
4. Tax-free and penalty-free earnings possible for a first-time home purchase and other qualified distributions as long as the account has been open for 5 years
5. May withdraw contributions tax-free and penalty-free if you have had an account for 5 years and are over age 59½
6. No required minimum distributions at age 70½

USSCO’s traditional or Roth IRA certificates require a minimum
deposit of $500.00 and may be invested for terms of 18 to 60 months. We also have an accumulative IRA, which can be opened for as little as $10.00. You may make regular deposits to this account. This is an easy way to save for your future.

The USSCO's  IRA savings and certificates are insured up to $250,000.00 per person by the NCUA (through the National Credit Union Share Insurance Fund).