Individual Retirement Accounts (IRAs)Aestethic Image

Individual Retirement Accounts (IRAs)

"Don't let yesterday use up too much of today." It's another famous quote from Will Rogers, but we take it a step further: don't let today use up tomorrow.

Red River offers a number of tax-advantaged IRA options to help ensure your financial future is strong. No set up fees and superior personal service get you and your family on the road to long-term security.

Summary and Insurance
  • Long-term savings with tax advantages
  • Personalized local service
  • No set up fees
  • No annual fees
  • Traditional and Roth IRAs
  • Coverdell Education Savings Accounts
  • Free AD&D insurance (Accidental Death & Dismemberment)
  • NCUA insured

Check out our current dividend rates.

Insurance

JOIN. Protect. Provide. Three simple words. One great benefit.

Joining our credit union makes you part of our family. And we protect our family members with $1,000 Accidental Death & Dismemberment Insurance coverage -- at no cost to you.

All you have to do is complete the enrollment form provided to you when you open your account. It's that easy. We understand that you have family members and loved ones to provide for, too. We're happy to extend you the opportunity to better provide for them.

When you submit your no-cost-to-you $1,000 Insurance enrollment form or call 1-800-860-7152 we'll send you information that helps you provide more insurance protection for you and your family.

THE HARTFORD

Traditional vs. Roth

The big difference between traditional and Roth IRAs is when you pay the tax. Also, there are income limits to participate in a Roth IRA, whereas there are no income limits with a traditional IRA.

Traditional IRA

  • Interest earnings are tax deferred until withdrawal
  • Contributions are tax deductible on current returns*
  • No income limits; anyone under age 70½ can open
  • Penalty-free withdrawals can begin at age 59½**
  • Mandatory withdrawals begin at age 70½

Roth IRA

  • Earnings are 100% tax free upon withdrawal
  • Contributions are not tax deductible
  • Income must be less than $95,000 annually ($150,000 for married couples) to open
  • Principal can be withdrawn penalty free
  • Penalty-free withdrawals on interest earnings at age 59½**
  • No mandatory withdrawals at age 70½

*Consult with a tax advisor.

**Certain exceptions apply where early withdrawals do not incur penalties, such as for healthcare and purchasing a first home among others.

Coverdell ESA

The Coverdell Education Savings Account (formerly called Education IRA) provides tax-free earnings when the funds are used for a child's education expenses, such as college.

  • Interest grows tax free
  • Withdrawals are tax free when used for qualified education expenses*
  • Contributions are not tax deductible
  • No income restrictions or limits to open
  • Beneficiary must be under 18 at time of opening
  • Beneficiary does not have to be a relative
  • Mandatory distributions begin if balance remains when beneficiary reaches age 30
  • Maximum annual contribution of $2,000

*Qualified expenses include tuition and fees, books, supplies, room and board, etc.