Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs) are a sensible way to plan for your retirement as well as other future needs. Prairieland Federal Credit Union offers a number of great IRA options for our members. Different requirements apply for each IRA, so stop by and let us help you determine which of these options is the best one for you.

Traditional IRA

Contributions are generally tax deductible, and earnings are tax deferred until withdrawal at retirement. Under certain circumstances, funds may be withdrawn prior to age 59 1/2 without a tax penalty.

Roth IRA

Contributions to this IRA are not tax deductible, but withdrawals are generally tax-free. If you keep your Roth IRA account open for at least five years, you may withdraw
earnings if you are past age 59 1/2, disabled, or buying your first home.

Coverdell Savings Account (formerly Education IRA)

Parents or others who want to set up an account for a child under age 18 to fund a college education. Contributions to this IRA are not tax deductible, but the earnings will be tax-free if used for qualifying higher education expenses.