144 Pine St. Lewiston, ME 04240 | 40 Stanley St. Auburn, ME 04210
Ph. 207.783.2096 |  Ph. 207.777.4547
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Community Credit Union Family

INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)

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Community Credit Union offers 4 types of IRAs: Roth, Traditional, SEP and Education.

IRA Contributions
 		Retirement Calculators

Roth IRAs

An account that offers individuals generous incentives to boost their retirement savings.

  • Contributions are allowed at any age
  • Qualified distributions are tax-free
  • Flexible withdrawal options are available
  • The amount you can contribute each year is increasing
  • Contributions are never tax-deductible


Traditional IRAs

An account that offers individuals generous incentives to boost their retirement savings.

  • Earnings accumulate tax-deferred
  • Contributions are tax-deductible if you qualify
  • The amount you can contribute each year is increasing


SEP IRAs

An account that offers those who are self-employed, sole proprietors, partners, small businesses, small employee groups and corporations generous incentives to boost their retirement savings.

  • Tax-deductible contributions
  • Contributions may be made until retirement, regardless of age
  • Employer contributions are considered a business expense that reduces net profits


Education IRAs

An account that allows you to help pay for your child's education expenses, such as tuition, fees, books, supplies, equipment, and, in some cases, room and board, and computers.

  • Tax-free withdrawals
  • Tax-free earnings
To calculate the anticipated education expenses your child may face and see if your savings plan will meet them, click here to connect to the home and family logoCollege Education calculator.

IRA Contributions for 2010



 Roth IRA Traditional IRA Education IRA SEP
IRA
Maximum Contribution Limit $5,000
 $5,000 2,000
 $49,000*
Maximum Contribution Limit (Age 50+) $6,000
 $6,000


*The maximum amount that can be contributed to a Simplified Employee Pension (SEP) plan is 25% of an employee's compensation.

Any questions concerning contribution limits should be referred to your tax advisor.

Retirement Calculators

 

The majority of workers remain confident they'll be able to live comfortably in retirement, despite abundant evidence to the contrary, says the latest research.

Consider these numbers from the 2009 Retirement Confidence Survey released in April 2009 by the Employee Benefit Research Institute and Mathew Greenwald & Associates Inc.:

  • Three of four workers report that they and/or their spouses have saved for retirement. About half (54%) of workers believe that they will have enough money for a comfortable retirement. A similar percentage (53%) reports retirement savings—not counting home values and defined benefit plans, if any—of less than $25,000.
  • About one of three workers (31%) who have not saved for retirement is confident about a comfortable retirement.
  • Three of four workers who have saved expect to need jobs in retirement to make ends meet.
Calculate Your Nest Egg by connecting to the Plan It Retirement calculators:
   
Savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government, the National Credit Union Association.
  
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