Plan for the future and start building your nest egg.
What You Need:
- $25 minimum initial deposit
- $10 minimum balance
- Be a Latino CU member
What You Get:
- Retirement accounts are federally insured up to $250,000 by NCUA
- Dividends compounded daily, paid monthly
- Above average interest rates
- No maintenance fee if minimum balance is maintained
- Recurring funds transfer available for contributions
- Access your account on-line and do much more with our electronic services. Click here for more details
IRA
| Type | Minimum Deposit | Interest Rate | APY* |
|---|---|---|---|
| Roth, Traditional & Simplified Employee Pension (SEP) | $25 | 4.60% | 4.71% |
| 1. Roth IRA | 2. Traditional IRA | 3. Simplified Employee Pension (SEP) | |
|---|---|---|---|
| Eligibility | Account holder or spouse must have earned income. No age limits. | Account holder must have earned income. | Employer completes and signs written agreement by tax return date, providing a copy to the employee. Eligible employees open SEP at institution of choice. Employer determines contribution percentage. No age limit for contributions on behalf of employee. |
| Maximum Annual Contribution | Lesser of annual IRS limit or amount based on account holder’s MAGI (Modified Adjusted Gross Income). | Lesser of annual IRS limit or 100% of earned income. | Cannot exceed 25% of employee’s income up to compensation cap. |
| Distributions | Withdraw regular contributions tax and penalty-free at any time. | May begin at age 59 ½ with no penalty; required to begin at age 72. | May begin at age 59 ½ with no penalty; required to begin at age 72. |
| Advantages | Contributions can be made at any age. Contributions can be withdrawn tax-free at any time. Earnings are tax-free for all qualified withdrawals. No required distributions after retirement. | Possible tax deductible contributions. Earnings on contributions grow tax-deferred. May be converted to a Roth IRA pending certain criteria are met. | Allows small businesses to provide pension coverage to employees at no administrative cost. Self-employed can provide for own retirement. |
We pay you back!
Through higher interest rates and lower fees. Why wait? Experience the savings that only LCCU can provide.
