Beware of Unidentified Calls or Voicemails About Your Credit or Debit Card
If you receive an unidentified call or voicemail about your credit or debit card, and you believe it to be fraudulent, please hang up immediately and contact us at 800-475-1150. We are available to assist you.
Important Tips: Never provide your credit or debit card information to someone who calls you unsolicited. Be suspicious of any caller who asks for your personal information, such as your Social Security number or bank account number. If you are unsure about the legitimacy of a call, hang up and call us directly at 800-475-1150. We will never contact you to ask for your personal information. A message from Collins Community Credit Union will always include identification.
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Plan for your future with an Individual Retirement Account (IRA)
The Traditional IRA is a tax-deferred account until withdrawals are made. If you are under 70 1/2 for the entire tax year and have earned income, you are eligible to establish a Traditional IRA.
Who can Contribute?
- Anyone under age 70 1/2 who has income from compensation (or is filing jointly with a spouse who earns compensation).
- Anyone who has received a distribution from a qualified retirement plan and decides to move the proceeds of the plan into an IRA.
How much can I contribute?
|Tax Year||Under 50 - Years Old||Over 50 - Years Old|
Contributions cannot exceed compensation.
Who can make deductible contributions?
Deductible up to the annual contribution limit:
- Single individuals not active in employer retirement plans
- Single individuals active in qualified retirement plans with *MAGI below defined limits
- Married couples with neither spouse active in an employer retirement plan
- Married individuals active in qualified retirement plans filing joint tax returns with MAGI below defined limits
- Married individuals not active in qualified retirement plans filing joint tax returns with spouses who are, as long as MAGI is below defined limits
*MAGI - Modified Adjusted Gross Income.
What are the tax advantages?
- Earnings grow tax-deferred until withdrawn
- Contributions may be tax-deductible
When can you withdraw without restrictions?
- Qualified higher-education expenses
- First-time home purchases
- Age 59 1/2
- Qualifying medical expenses exceeding 7.5% of adjusted gross income
- Payment to beneficiaries upon the owner's death
- Payment of health insurance premiums while unemployed for 12 weeks or longer
A transfer fee will be charged on all transfers out of the account as listed on the Fee Schedule. This fee may be waived for certain transfers.