Saving For The Future

With the cost of living on the rise, it can be difficult to save money. However, your financial future depends more on just paying the bills you have now. You need to be planning ahead for yourself and your family. Many jobs may include benefits for their employees like, 401K plans, HSAs or SIMPLE Retirement Savings Plans, but you can also be planning for your future.

Here at NCCU, we offer a variety of savings plans but the one that can best prepare you for the future ahead is our IRA Share Savings and our Coverdell Educational Savings Arrangement (ESA). We offer competitive rates that can help your savings work for you!

IRA stands for Individual Retirement Arrangement which is established to hold assets for an individual’s retirement. An IRA is a tax-advantaged savings tool designed to provide retirement income in addition to Social Security income, employer-sponsored retirement plan benefits, personal savings and wages. 

Traditional IRAs offer you tax-deferred earnings, a possible tax credit or tax deduction. Roth IRAs offer tax-deferred earnings, a possible tax credit and possible tax-free earnings. Our Coverdell ESA offers families the ability to save for a child’s education expenses which can be distributed tax-free toward qualified education expenses.

All IRAs should be set up with the consultation of a tax expert but we at NCCU will do our best to answer questions and facilitate the establishment or transfer of a current IRA or Employer Sponsored Retirement Plan to your account here with us!