Fort Stewart Georgia FCU offers IRA share savings. A minimum of $100.00 is required to open an IRA savings account. IRA certificates with terms from 91 days up to 60 months are available. A Minimum of $500.00 is required to set up an IRA share certificate. We can also assist you with a rollover or a direct transfer of your 401K of IRAs from other financial institutions.

Individual retirement accounts are a smart way to save for the future. A traditional IRA can be opened and funded without any employer participation. Contributions and/or earnings are tax-deferred until retirement. Unlike many employer plans, money in the account is always accessible; however, until age 59 1/2 there is a 10 percent early distribution penalty unless you qualify for an exemption due to one of the following: disability, qualifying education expenses, unemployment, qualifying first-home purchases, death, or receipt of your IRA assets in equal payments over your life expectancy.

Members under age 70 1/2 may contribute to an IRA at a maximum per year for tax years as follows:

2007	Under age 50	$4,000.00	Age 50 and over $5000.00
2008-2009	Under age 50	$5,000.00	Age 50 and over $6000.00

For more information on a traditional IRA please contact the Member Services Department at the nearest branch office. Click here for branch office phone numbers.

Roth IRAs differ from Traditional IRAs in that the money you contribute to a Roth IRA has already been taxed. So the principal amount is never subject to taxes or penalties in the future, as long as you stay within the contribution guidelines. This retirement plan allows the money you contribute to grow tax-deferred.

If you do not withdraw any of the earnings until you have had the plan for at least five years, and satisfy one of the qualifying events, those tax-deferred earnings become tax-free. Unlike the traditional IRA, there is no 70 1/2 age limit on making contributions. You simply need to have earned income equal to the amount you contribute up to a maximum per year for tax years as follows:

2007	Under age 50	$4,000.00	Age 50 and over $5000.00
2008-2009	Under age 50	$5,000.00	Age 50 and over $6000.00

Coverdell Educational Savings

The Coverdell ESA was created solely to help pay for your child’s education expenses. It is for children under the age of 18 years.  The minimum to open is $100.00 and the maximum per child per year is $2,000.00. These funds can be used for elementary, secondary or college expenses. Contact the credit union for additional requirements and information.

* The Credit Union provides not legal advice to members, and provides the foregoing information from a reliable resource to give our members a basis understanding of these services. You should consult with your tax or legal adviser regarding any particular and the current status of applicable federal and state laws.