Central Credit Union


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Personal Banking

Personal Banking

Traditional IRA

Deposit money into a traditional IRA and defer taxes on your earnings. IRA funds are insured separately from your other deposits by NCUA.

Contributions for a Traditional IRA:

  • You must be under age 70 ½
  • You must have earned income or be married filing jointly with a spouse receiving income.
  • Limit of $5,000 per year or 100% of earned income, whichever is less.
  • IRA Owners aged 50 and over can make "catch up" contributions of up to $1000 making their total allowable contribution $6000.
  • Earnings grow tax deferred until they are withdrawn
  • Contributions may be tax deductible
  • Anyone who has received a distribution from a qualified retirement plan can move the proceeds of the qualified plan into a Traditional IRA.
  • Contributions can be made via Direct Deposit to an IRA Share Savings account as frequently as you wish.
  • IRA certificates with competitive rates are available with a $1000 minimum balance

Distributions from a traditional IRA:

  • May be taken after age 59 ½ without an IRS penalty.*
  • Prior to age 59 ½ there may be an IRS penalty for early distribution
  • Are mandatory after age 70 ½
  • IRA funds become reportable income upon distribution

There are other special circumstances in which you can withdraw funds penalty free:

  • Qualified higher-education expenses;
  • First-time home purchase ($10,000.00 lifetime limit);
  • Disability;
  • Qualifying medical expenses exceeding 7.5% of adjusted gross income;
  • Payment to beneficiaries upon the owner's death and payment of health insurance premiums while unemployed for 12 weeks or longer.

*There may be a Credit Union penalty if the withdrawal breaks the term of a Certificate of Deposit.

CentralNet Login

CentralNet Enrollment

For first-time login to CentralNet, use the password you selected when you opened your account.

If you do not have a password or have forgotten it, call 508-842-7400 or 800-527-1017.

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