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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.


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

CCCU offers both Traditional and Roth IRA options to help you save. Select 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 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. Open an IRA today. 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.



COLLEGE SAVINGS


COVERDELL EDUCATION SAVINGS ACCOUNT (CESA)
A Coverdell Education Savings Account (CESA) is a great way to save for the future cost of a child's education 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Contributions can be made until the beneficiary reaches the age of 18 and after that, contributions and earnings can be withdrawn tax-free to pay for qualified education expenses.

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. The contributor's modified adjusted gross income (MAGI) is limited as follows:

Contribution Restrictions

  • 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

Remember, if your MAGI disqualifies you from making a contribution 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 our financial planner, Dave Newbore (Bacon Newbore Financial Consultants), at 503.657.3143.

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! 2018 Scholarship Application Coming Soon.

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