It's easy to invest in your future at PVFCU.  IRA's can help you prepare for retirement and serve a number of other purposes.  PVFCU has two kinds of IRAs to meet your financial needs. Traditional IRA Grow Your Nest Egg – Earnings and deductible contributions in a traditional IRAs grow tax-deferred until withdrawal, which can begin at 59½ but must begin at age 70½.  Distributions (including earnings) may be included in income. First Home Purchase – You can withdraw up to $10,000 penalty-free towards the purchase of your first home. Pay for College – Traditional IRA funds used to pay for qualified educational expenses can be withdrawn penalty free.  There is no dollar limit and funds can be used for tuition, fees, books, and supplies at a post-secondary institution.   Assist with Medical Expenses – Funds to pay for certain medical expenses can be withdrawn from your traditional IRA without paying a 10% early distribution tax.   Roth IRA Preparing for Retirement – Roth IRAs serve as a great retirement tool because qualified withdrawals, including earnings, are tax-free and not included in income.  Contributions are not tax deductible. First Home Purchase – If you’ve had your Roth IRA for at least five years, you can use $10,000 towards the purchase of your first home tax- and penalty-free. Leave Funds to your Heirs – There are no mandatory withdrawals, so you could leave money from your Roth IRA to your heirs tax-free. Pay for College – Qualified educational expenses are penalty free.  There is no dollar limit and funds can be used for tuition, fees, books, and supplies at a post-secondary institution. Rainy Day Fund – You have access to your regular contributions tax- and penalty-free at any time for any reason.     Traditional and Roth IRAs -Earnings  that remain in the account are not taxed.  -IRAs may be invested in an IRA share/savings account or an IRA certificate*. -Deposits into a PVFCU IRA can be made through payroll deduction, by direct deposit, or in person at any of our offices.    Deposits can also be made at any time throughout the year. -IRAs at PVFCU are insured by the federal government for balances up to $250,000. IRA rates are posted here.  *By federal law, withdrawals on traditional IRAs before age 59 1/2 have a penalty of 10% of the withdrawal amount. No penalty for withdrawals of contributions on Roth IRAs. Because you'll be glad you did... Whether you're saving for retirement or education, it's important to begin as early as possible. For additional information on Individual Retirement Accounts or assistance in selecting the account that best fits your needs and financial goals, call us at 540-434-6444. We'll be glad to help!