Traditional IRA
A traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions may be tax deductible in the year they are made. Maximum contribution: $5000.00 (plus $1000.00 if you are 50 years or older).

Roth IRA
The Roth IRA is an account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA than from a traditional IRA. Unlike the Traditional IRA, there is no requirement to begin taking distributions at age 70½. Maximum contribution: $5000.00 (plus $1000.00 if you are 50 years or older).

Coverdell Education Savings Account
The Coverdell Educational Savings Account is an account that features tax-free withdrawals for a child's education expenses. Contributions are nondeductible, therefore, unlike the Traditional IRA, contributions from Coverdell Saving Account are withdrawn penalty free and tax-free. Consult your tax advisor for further information. Maximum contribution: $2000.00

IRA Loan
If you qualify for an IRA, the UHFCU will help you set one up. If you don't have the cash to invest in an IRA, apply for a low rate IRA loan. Make low monthly payments over a 12-month term.