Individual Retirement Accounts (IRA)
Community Credit Union of Florida offers a variety of IRA accounts that can help you save for retirement or education expenses.
Please consult your tax advisor to determine which accounts would be best for your situation or go to www.irs.gov for more information.
Contributions are tax-deductible (money deposited before tax or contributions are made with pre-tax assets), all transactions and earnings have no tax impact, and withdrawals at retirement are taxed as income (except for those portions of the withdrawal corresponding to contributions that were not deducted). You can make contributions if you (or your spouse, if you file jointly) received taxable income during the year, and you were not age 70 1/2 by the end of the year. Start with an initial deposit of $10. No minimum annual deposit. Contributions by payroll deduction available. Insured up to $250,000* by the NCUA.) See page for additional IRA Account types.
Contributions to a Roth IRA are not tax-deductible at the time you make contributions. Withdrawals of contributions are tax-free. An advantage of a Roth over a Traditional is that there are fewer withdrawaal restrictions and requirements. Start with an initial deposit of $10. No minimum annual deposit. Contributions by payroll deduction available. Insured up to $250,000* by the NCUA.
An ESA is an account created as an incentive to help parents and students save for education expenses. The total contributions for the beneficiary cannot be more than $2,000 in any year, no matter how many accounts have been established. A beneficiary is someone who is under age 18 or is a special needs beneficiary. Contributions are not tax deductible, but amounts deposited in the account grow tax free until distributed. The beneficiary will not owe tax on the distributions if they are less than a beneficiary's qualified education expenses at an eligible institution. The benefit applies to qualified higher education eexpenses as well as to qualified elementary and secondary education expenses. Start with an initial deposit of $10. no minimum annual deposit. Contributions by payroll deduction available.
Choose from these IRA Account Types:
IRA Share: This IRA account has one rate for the entire amount and dividends are paid quarterly.
IRA Super Saver: The IRA Super Saver account rate is tiered based on the balance and dividends are paid quarterly. See current tiers and rates.
IRA Certificate of Deposit (CD): This IRA account has one rate for a specific CD term and dividends are paid quarterly.
*If you have a Roth IRA and a Traditional IRA, these IRAs will be insured in the aggregate to the maximum of $250,000.
You can have a Traditional IRA whether or not you are covered by any other retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan. If both you and your spouse have compensation and are under age 70 ½, each of you can set up an IRA. You cannot both participate in the same IRA.
Contributions can be made to your Traditional IRA any time during the year or by the due date for filing your return for that year, not including extensions. For most people, this means that contributions must be made by April 15th. If an amount is contributed to your Traditional IRA between January 1 and April 15, you should let Community Credit Union know which year the contribution is for, either the current year or the previous year. If you do not tell Community Credit Union which year it is for, then we will assume, and report to the IRS, that the contribution is for the current year.
Please consult your tax professional for advice or go to www.irs.gov for more information.
Open your CCU IRA today!
Speak to a Member Service Representative: 321.690.2328 (outside Brevard, 1.800.690.2338)
Stop by one of our seven branch locations. Our Rockledge and Palm Bay branches are open Saturdays from 9 am to noon.
Existing CCU Members: Use the Mobile App or log in to eBranch Online Banking and your personal information will be pre-filled for you. Or, you may use the application found by selecting the "Open an Account" link below, but you will be asked to provide your personal information, including your Member Number. Select “Existing Member”.
Mobile App: Go to More and select Open An Additional Account
eBranch Online Banking: Select the Online Application link at the upper right of the screen.
Prospective CCU Members: Select the icon below, then select the “Become a Member” link.
For Additional Assistance:
Please contact a Member Service Representative at 321.690.2328 (outside Brevard, 1.800.690.2338) or send an email to firstname.lastname@example.org. For your security, DO NOT send account numbers or other private information using this general email address. Private, unpublished personal information should ONLY be sent through Secure Email, which is available within the Mobile App and eBranch Online Banking.