Individual Retirement Accounts (IRAs)
An IRA is a tax-advantaged account* with valuable and unique
benefits for your
long-term goals.
Charter Oak offers several different types of IRAs:
Traditional IRAs offer an immediate tax benefit for qualified taxpayers, since contributions may be fully or partially deductible. The money in your Traditional IRA (including earnings) is generally not taxed until you make a withdrawal.
Roth IRAs do not offer a deduction for your contributions. However, as long as you follow the IRS requirements, you may never have to pay tax on your earnings. Early withdrawals are allowed under certain conditions.
SEP IRAs provide an easy way for employers and self-employed individuals to set up a retirement account, with higher contribution levels than Traditional or Roth IRAs in many cases.
*Please consult your tax advisor.
To learn more about our savings, insurance and investment options please call Member Services at 800-962-3237 or 860-446-8085, or stop by any Charter Oak branch.
Traditional IRAs Brochure
To download Charter Oak Federal Credit Union's brochure on traditional IRAs, click here.
Roth
IRAs Brochure
To download Charter Oak Federal Credit Union's brochure on Roth IRAs, click here.
