IRAs (Individual Retirement Accounts)

Happy retirement

Saving for retirement is an important decision for financial security. Talk to your tax professional about the advantages and conditions of an Individual Retirement Account (IRA). Then, let your local Douglas County financial institution—Cascade Community Credit Union—meet your IRA needs.

It is never too early to start saving for your financial future. You might be planning for future college expenses or simply your own retirement. In either case, an IRA from Cascade Community Credit Union is a great choice.

Traditional IRA

Benefits of a Traditional IRA through Cascade Community Credit Union in Douglas County are:

  • Eligible for Traditional IRA deductions
  • Not eligible to contribute to a Roth IRA
  • Anticipate a higher tax rate while saving
  • Anticipate a lower tax rate during retirement
  • Required minimum distributions (RMDs) beginning the year you turn 70.5
  • Tax implications to beneficiaries

Roth IRA

Benefits of a Roth IRA through Cascade Community Credit Union in Douglas County are:

  • Not eligible for Traditional IRA deductions
  • Anticipate a lower tax rate while saving
  • Do not anticipate a lower tax rate during retirement
  • No required minimum distribution (RMD)
  • No age limit restrictions on contributions

Coverdell Educational Savings Account (ESA)

Benefits of a Coverdell Educational Savings Account through Cascade Community Credit Union in Douglas County are:

  • Used for a child’s education expenses
  • Nondeductible contributions that provide for future tax-free withdrawals – including earnings
  • Contributions must be from one or more individuals whose income is each within certain limits

Simplified Employee Pension (SEP) IRA

Benefits of a Simplified Employee Pension IRA through Cascade Community Credit Union in Douglas County are:

  • May be suitable for a small business owner (including a sole proprietor) for tax-deferred retirement savings
  • Does not require ongoing contributions and can be discontinued at any time
  • Can be contributed to by the business owner for the benefit of one or more employees
  • May represent a lower administrative burden and legal liability for the business owner