It's never too late to save for retirement. IRAs allow you to save for the future with special tax advantages. You may choose a variable rate IRA Savings account or a fixed rate IRA Certificate. Each IRA you have with NRFCU is insured separately up to $500,000 by the National Credit Union Administration and Excess Share Insurance, Inc. That means it's protected from market risk and guaranteed to provide a positive return.

Traditional IRA

A Traditional IRA offers tax-deferred earnings and the possibility for tax-deductible contributions. All earnings in the Traditional IRA are not taxed until they are withdrawn.

Roth IRA

The Roth IRA allows you to contribute (depending on your income) after-tax dollars with earnings growing tax-free. You pay no taxes when you withdraw the money, provided you have had the account for at least 5 years and you're age 59 or older. In addition, you may withdraw, without penalty, up to $10,000 for a first-time home purchase. Another Roth IRA benefit is that you don't have to begin withdrawing money at age 70 1/2, unlike a traditional IRA.

Coverdell Education IRA

Save for a child's higher education expenses. You can invest up to $2,000 a year per child younger than 18, depending on your income. Earnings on Education IRA contributions grow tax free. You cannot deduct contributions, but, when you withdraw funds, you pay no taxes or withdrawal penalties if they're used for qualified higher education expenses before the beneficiary reaches age 30. Unused funds, however, may be rolled over to an Education IRA for another child.