Individual Retirement Account

When you retire from the working world, you'll have another chapter of your life to write.

Make that story a happy one with the help of a tax-advantaged savings account.

Your Golden Years start right here

Choose Traditional or Roth IRA

Education savings accounts also available

Enjoy wide range of tax benefits

No monthly or annual fees

Let the experts help

Make sure you discuss IRA options with your tax advisor so you get the full details on tax advantages.

With smart planning, you can make every moment count

Travel and adventure. Friends and family. Simple relaxation. Your retirement lifestyle is likely to include all of the above. Save up enough money to check off every item on your wish list by opening a Neighbors FCU IRA, making yearly contributions and growing your nest egg with the help of steady dividend earnings.

Traditional IRA

  • Individuals are eligible to contribute to an IRA if they earn compensation or file a joint tax-return with a spouse who earns compensation
  • Contribute up to $7,000 annually (Up to $8,000 if you're over age 50)
  • Potential income tax deductions for each year you make a contribution
  • Annual interest income is tax-deferred
  • Account holders cannot withdraw funds before age 59 ½ without a 10 percent early withdrawal penalty
  • Withdrawals are always subject to income tax regardless of age
  • You may continue contributing to your Traditional IRA at any age
  • You are required to take annual distributions from your Traditional IRA beginning at age 73
  • An IRA owner's required minimum distribution (RMD )is based on the account's year-end balance and the owner's age

Roth IRAs

  • Contributions to a Roth IRA are not tax deductible
  • Annual interest earned on a Roth IRA is tax-deferred
  • Account holders cannot withdraw funds before age 59½ without a 10% early withdrawal penalty
  • After age 59 ½, account holders can take tax-free and penalty-free distributions
  • You may continue to contribute to your Roth IRA at any age
  • Individuals with a Roth IRA are not required to take minimum distributions at any age

Coverdell Education Savings Account (CESA)

Retirement is one of life's important milestones. So is sending children to college. Coverdell accounts - also known as Education IRAs - can help cover the cost of private K-12 schooling or higher education.

  • Contribute up to $2,000 per year until student reaches age 18
  • Contributions are not tax deductible, but annual dividend earnings are tax-exempt and qualified withdrawals are tax-free
  • Funds may be use for tuition, room and board, fees, and academic equipment, such as laptop computers
  • Any family member - parents, grandparents, aunts, uncles, etc. - may contributed to a child's CESA
  • Funds can be transferred from one child’s account to another within the same family

Neighbors Federal Credit Union is a full-service financial institution with branches serving the Southeast Louisiana parishes of Ascension, East Baton Rouge, East Feliciana, Iberville, Livingston, Pointe Coupee, St. Helena, West Baton Rouge and West Feliciana.

Checking Accounts

Seamless Checking with Zero Hassles

  • Earn dividends
  • Cash back rewards
  • Visa debit card for easy purchases
  • Online and Mobile Banking tools

Resources to Fuel Your Journey