A traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions may be tax deductible in the year they are made. Check with your tax preparer for deductibility.
The Roth IRA is an account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA than from a Traditional IRA. Unlike the Traditional IRA, there is no requirement to begin taking distributions at age 70 1/2.
The Coverdell Educational Savings Account is an account that features tax-free withdrawals for a child's higher education expenses. Contributions are nondeductible, therefore unlike the Traditional IRA, distributions from an Coverdell Educational Savings Account are penalty free and tax-free.
Consult your tax adviser for further information.
Earn higher dividends with an IRA Certificate*. IRA Certificates are available with a minimum deposit of $500.
*IRA Certificates are subject to Lōkahi FCU penalties upon early withdrawal. Please see Lōkahi FCU Truth-in-Savings Disclosure for details.
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