Personal, Loans, Access, and Investing, Policies, Disclosures

PERSONAL

Banking doesn't have to be a hassle. Consolidated Community Credit Union offers easy and convenient ways to access your accounts anytime and anywhere.


PERSONAL INVESTING & RETIREMENT ACCOUNTS


IRAs are one of the best saving tools available. With recent tax reform by the federal government, more people than ever before are now eligible to take advantage of the tax savings available through IRAs. The benefits of these changes are many and include:

  • Increased contribution limits
  • Catch-up contributions for individuals over 50
  • More lenient contribution restrictions

OPEN A TRADITIONAL IRA OR ROTH IRA WITH CCCU

CCCU offers both Traditional and Roth IRA options to help you save for your financial future. Choose one of the following IRA options to learn more:


TRADITIONAL IRA:
TAX-DEDUCTIBLE
SAVINGS
     
ROTH IRA:
EARNINGS THAT
GROW TAX FREE

Learn about your IRA options with CCCU and compare your choices. IRA funds can be invested in accounts with complete liquidity or in certificates with terms ranging from 6 months to 5 years. CCCU has trained staff available to help you with your IRA needs; however IRAs are complex and may have tax consequences. You should seek the advice of your tax advisor or accountant for complete tax information. Open your IRA and protect your future today.



COLLEGE SAVINGS


COVERDELL EDUCATION SAVINGS ACCOUNT (CESA)
A Coverdell Education Savings Account (CESA) is a tax-advantaged account designed to help you save for a child’s educational expenses. Contributions can be made until the beneficiary reaches the age of 18 and after that, contributions and earnings can be withdrawn tax-free to pay for qualified education expenses.

How can I use a CESA?
You can use any money put into a CESA for qualified education expenses made for a child from kindergarten through college. These include:

  • Tuition
  • Books, supplies, and equipment required for enrollment
  • Room and board
  • Academic services like tutoring
  • Computer and related equipment if used for school
  • School Uniforms
What if my child does not use their CESA?
If you do not use your CESA, or your child decides to not attend college, you can transfer the account to another eligible family member. If the original account holder decides to go to college later, they can withdraw money from the account for qualified education expenses until they are 30 years old.

Who can contribute to a CESA?
A contribution can be made by anyone on behalf of a beneficiary under the age of 18 as long as the total maximum contributions made for a single beneficiary are not more than the annual maximum of $2,000 for single and joint filers.

Who owns the CESA account?
The account is owned and controlled by the parent opening account, with the child as the beneficiary for the funds to be used for educational expenses.

How much can I save in a CESA?
The contributor's Modified Adjusted Gross Income (MAGI) is limited as follows:
  • FILING STATUS FULL CONTRIBUTIONS FOR MAGI OF PARTIAL CONTRIBUTION FOR MAGI OF NO CONTRIBUTION FOR MAGI OF
  • MARRIED, JOINT $190,000 or less $190,000 or $220,000 $220,000 or more
  • OTHER $95,000 or less $95,000 or $110,000 $110,000 or more
How can I open a CESA?
Remember, if your MAGI disqualifies you from contributing for your child, anyone who qualifies can make a contribution on their behalf. For more information about CESA please feel free to contact a Member Service Representative at 503.232.8070 or contact Dave Newbore (Bacon Newbore Financial Consultants), at 503.657.3143.

NON-Deposit and Insurance Disclosure

CCCU Scholarship Program
Saving for college is a difficult feat, so CCCU would like to help! CCCU will be awarding $1,000 to a deserving high school senior! Questions? Contact us! 2019 Scholarship Application.

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