We all will eventually retire. Why not retire in style by earning a ton of money with a Utah First IRA account. We have the account that is right for you and your contributions may be tax-deductible. Just read on find out what we can do for you…

We offer a complete range of IRAs, including Traditional IRAs, Roth IRAs and the Coverdell Education Savings Account. The contributions of a Traditional IRA may be tax-deductible and earnings are tax-free on a Roth IRA if certain requirements are met. Deposit requirements differ with each IRA type, so consult a tax professional for current IRA regulations. With generous quarterly dividends and easy deposit procedures, our tax-sheltered IRA Savings Accounts let you plan wisely for your future on the golf course or traveling Europe.

Traditional IRA
With our Traditional IRA you can save up to $5,000 every year until you are 70-1/2. Couples can contribute up to $10,000 each year. However, your yearly deposit total cannot exceed your earned income. At 70-1/2, you must begin to withdraw your money, but you can also begin to withdraw without a penalty as early as 59-1/2. You'll earn tax-deferred, compounded interest on your Traditional IRA until you withdraw your money. You may also qualify for certain tax deductions with your IRA contributions, so please check with a tax professional (Penalties may apply for early withdrawal, so don't withdraw your funds early).

Roth IRA
The Roth IRA differs from the Traditional IRA in that the money deposited is after taxes, meaning it won't change the income you report on your income tax forms and is not tax deductible. You can contribute up to $5,000 every year until you are 70-1/2. Couples can contribute up to $10,000 each year. However, your earnings, or interest, accrue tax-free if you meet certain requirements (remember to check with tax professional).

The Roth IRA has another great benefit. After the account has been held for five years, you can withdraw the entire amount tax-free in the following situations:

• You are 59-1/2 or older
• You are a first-time homebuyer
• You are disabled
• You are a beneficiary of the deceased owner.

Coverdell Education Savings Account
The Coverdell Education Savings Account is a great way to save for education. With this account, parents and grandparents may save up to $2,000 per year for each child under 18 years of age. Here are the highlights…

Money deposited into a Coverdell Education Savings Account is after-tax money, meaning it isn't tax deductible like a Traditional IRA.

Money can be withdrawn without penalty as long as it is used for qualified higher-education expenses.

Qualified withdrawals are tax-free.
The money must be withdrawn by the time the child reaches age 30. If the money isn't used before the beneficiary is age 30, you may be required to pay taxes plus a penalty to the Internal Revenue Service.

You may be able to transfer the money to another child under the age of 18.

IRA Questions?
We certainly know that navigating the IRA world can sometimes be a bit overwhelming. As with all our products, call us with any questions... (888) EZ-2-SWITCH or visit one of our convenient branch locations and we will be happy to help you determine which option is right for you.

Good news: Your savings are federally insured to $100,000 National Credit Union Administration, a U.S. Government Agency. Additionally, in April 2006, the NCUA announced that Traditional and Roth IRAs are now insured up to $250,000. Click here for details.