CommonWealth Credit Union

Traditional / Roth
The Credit Union's Traditional IRA is a savings plan authorized by the Federal Government, which allows you to accumulate funds to help you prepare for a comfortable and secure retirement.

The tax-deferred funds can be withdrawn any time after age 59 ½ without penalty. Withdrawals must begin by April 1st following the year in which the participant reaches the age of 70 ½.

Because the IRS does not tax dividends earned on IRAs until withdrawn, the investment grows faster through the effects of tax-deferred compounding. Also, your IRA contributions may be wholly or partially deductible, which means fewer taxes. (Please refer to your professional tax advisor.)

Traditional IRA investment options include IRA Share Accounts and fixed rate IRA Share Certificates.

In addition to a Traditional IRA, the Credit Union offers Roth IRAs.

The Credit Union's Roth IRA allows contributions to be taxed, but all withdrawals, including earnings, are tax-free if the account has been open for five years and the account holder is 59 ½ or older.

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	"Open to anyone who lives or works in Kankakee, Ford, Iroquois and Will Counties.
	Kankakee County’s original community credit union provides security and stability for our members’ financial needs since 1952.
	ATM’s located at all three CWCU locations and inside Kankakee Community College.
	24/7 service through Online Account Access and Telcu Audio Response.
	Member owned so earnings are given back to you in the form of better savings and lower loan rates.
	$1,000 Accidental Death and Dismemberment Policy included with membership.
	A full line of savings and loan products designed to fulfill all your financial needs.
	Click here to get started, with our Membership Application!

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