IRAs

Individual Retirement Accounts (IRAs)

Homebase Credit Union offers both Traditional and Roth IRAs as well as the Coverdell ESA (Education Savings Account). Each of these account types has unique and specific features to help you plan and save for your needs.  

• Traditional IRA
  This account allows individuals to direct pre-tax income toward investments that can grow tax-deferred. Individual taxpayers can contribute up to a specified maximum dollar amount.
• Roth IRA
  A Roth IRA allows individuals to contribute using after-tax dollars, but as the account grows, there are no taxes on investment gains or disbursements. Individual taxpayers can contribute up to a specified maximum dollar amount.
  
• Coverdell ESA
  This education investment account may be established for any person who is under 18 years of age; it allows the beneficiary to save for educational expenses, tuition, and college costs while receiving tax benefits.
  

To learn more about these options and to discuss which option might be right for you, please contact us at (804) 452-0736.

This information is designed for educational purposes only. It is not intended to be used as investment or tax advice. Because each individual's financial circumstances are unique, you should seek professional tax advice before deciding on any IRA option.