York Educational Federal Credit Union

 

A personal retirement plan can be designed from the following plans available...   

Accumulation IRA - a variable rate account that allows frequent regular deposits.  It is excellent for payroll deductions.  Up to $3000 per year can be deposited, and tax deferred.  Rates can fluctuate monthly.  The minimum deposit is $10.00

IRA Share Certificates - fixed rate accounts are designed for a one-time deposit.  Minimum deposit is $250.  Rates are "locked in" for the length of the maturity period, and dividends are compounded quarterly.  A penalty of 180 days dividend is imposed for early withdrawal. 

A $10.00 penalty is imposed on all IRA accounts withdrawn for transfer to another financial institution.

In addition to the standard Individual IRA, several other IRA's are available:

Spousal IRA - up to $3000 additional contribution can be made for non-working spouse.

Rollover IRA - for lump sum deposit of distribution of funds from a pension plan or retirement plan.

Transfer IRA - for transferring funds from one IRA plan to another.

Roth IRA - newly available in 1998, the funds deposited (up to $3000 per year) in a Roth IRA are not tax deductible, however the earnings are tax-free, and distributions are tax-free when withdrawn after 5 years, and after age 59^1/2.

Coverdell Education Savings Account (ESA) - up to $2000 can be contributed per year for a child under age 18.  Contributions are not tax deductible, earnings are tax-free, and distributions are tax-free if used for tuition and educational expenses for post-secondary schooling prior to age 30. 

See Current Rates section for rates.

Plan Now for Income During Your Retirement  

There’s a big difference between not working and not worrying.  You should be able to retire with confidence, not concern … and that requires a retirement income plan.  

You can get professional help from the MEMBERS Financial Services Program Representative serving YEFCU.  They will work with you to identify your needs and develop appropriate solutions.   

First, you should consider the risks you face: inflation, fluctuating investment returns, rising health care costs, outliving your assets, taxes and tax law changes.   

The MEMBERS Financial Services Program Representative can help you control your risks and select the best options for investing, including the most advantageous way to roll over your 401(k) or other retirement account.  Then you can put your retirement income plan into action … and measure your success.

Each step is designed to help you retire with confidence.  To learn more, go to the My Financial Center Page on our Web site.  But your first step is to contact The MEMBERS Financial Services Program Representative today.  To arrange a brief meeting, simply call 1-866-512-6109

Representatives are registered through, and securities are sold through, CUNA Brokerage Services, Inc. (CBSI), member NASD/SIPC, 2000 Heritage Way, Waverly, Iowa 50677, toll-free 866-512-6109. Insurance sold through licensed CUNA Mutual Life Insurance Company Representatives, and in New York, licensed insurance representatives of other companies. Nondeposit investment products are not federally insured, involve investment risk, may lose value, and are not obligations of or guaranteed by the credit union.