IRAs are designed to help you save for retirement. Some IRAs allow you to save without paying taxes on their funds until you begin to make withdrawals. Other IRAs offer tax-deferred earnings.

Jax Federal Credit Union offers both IRA certificates ($500 minimum) and IRA share accounts (no minimum). Terms vary from 3 to 60 months. You can setup an IRA certificate to earn a higher rate of return.

Roth/Traditional IRA
Contributions cannot exceed $5,000 for the 2008-2010 tax years. If you are 50 years or older, you can contribute an additional $1,000, totaling $6,000 for the 2008-2010 tax years.

Coverdell ESA
Contributions cannot exceed $2,000 per tax year per child. A Coverdell Education Savings Account (formerly Education IRA) is a great way to save for your child's college education.

IRA funds are separately insured up to $250,000.

Your tax adviser can offer more guidance on which type of IRA may be best for your needs. JAXFCU is always here to answer your questions and assist you with opening an IRA. Please stop by or call us today for more information on the benefits of a JAXFCU IRA.