Landmark Credit Union

SEPTEMBER 8, 2010

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What is an IRA?

An IRA is an Individual Retirement Account specifically designed to help the owner save for retirement. There is only one owner per IRA with named beneficiaries. An IRA offers different tax advantages and each is subject to special regulation.

There are many different types of savings vehicles you can invest your retirement funds in. Tenco offers both a fixed rate plan and a variable rate plan.

Check out the different accounts we have to see if you could benefit from an IRA with Tenco Credit Union. Be sure to go to our rate page and compare our rates. You will find us very competitive in today�s market.

Traditional IRA

A Traditional IRA is available to anyone who meets certain requirements regarding age and income.

Any person who is under the age of 70 and 1/2 and has �earned income� for the tax year is eligible to contribute to an IRA. There is minimum age as long as the income requirements are met.

Examples of earned income are wages, tips, salary, bonuses, commission, professional fees, and jury fees and directors fees. Income may be based on either your personal earnings or a spouses earnings as long as you and your spouse file a joint income tax return.

To be sure of your eligibility, check with your tax consultant before making any contributions to an IRA.

For more information on rates, see our rate page or give us a call. We will be happy to answer your questions regarding IRA�s.

Roth IRA

Named for its primary sponsor, Senator William Roth, (R-DE), the Roth IRA became available in January 1998.

Because the contributions to this IRA are non-deductible, you have the advantage of tax-free withdrawals.

Contributions to a Roth IRA are allowed at any age as long as the income requirements are met. Taxpayers may contribute to both a Traditional IRA and a Roth IRA in the same year as long as the aggregate contribution does not exceed $2000.00 or the total amount of earned income if less than $2000.00.

All Roth IRA contributions are non-deductible, so consult you tax accountant for more details about what is right for your situation.

See our rate page for competitive rates on all types of IRA�s.

Educational IRA

The Educational IRA was developed solely for the purpose of helping pay for the cost of higher education of the child named on the account.

The account may be established as soon as the beneficiary obtains a Social Security number, but must be opened before their 18th birthday. Anyone that meets the income requirements may establish the account, but bear in mind, their may only be one IRA per beneficiary. Total contributions for one child may not exceed $500.00 per year regardless of who makes the contribution.

Contributions to an Education IRA are nondeductible.

Contact us today for more details regarding an Education IRA for someone you love.

Landmark Credit Union
PO Box 150 5705 Valley Road Fairfield, AL 35064 Phone: 205-783-9100 Fax: 205-783-9115	PO Box 1265 2950 Cogswell Avenue Pell City, AL 35125 Phone: 205-338-7623 Fax: 205-338-6252	300 Springville Station Blvd Ste 1100 Springville, AL 35146 Phone: 205-467-6274 Fax: 205-467-6806
Toll Free: 800-333-5372

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