Account Types for Individuals and Small Businesses
Make a plan.
We all have plans for the future, and being smart with your money is the first step in making sure those plans move smoothly. But that doesn’t mean you have to sacrifice your comfort in the present. CFS Financial Advisors at SELCO Investment & Retirement Services can help you save money in ways that won’t stretch your budget. Let us show you how a few extra dollars in one of our accounts can make a big difference in years to come.
We offer several account types, including:
Traditional Individual Retirement Account (IRA). This option allows investors to make contributions up to the age of 70½. Traditional IRA earnings grow tax-deferred until they are withdrawn as retirement income (though there may be tax penalties if the investor withdraws before the age of 59½). Contributions can be tax deductible (within income limits).
Roth IRA. This account is available for investors of all ages who fall within Roth IRA income limits. Contributions are made after taxes, which means funds can be withdrawn tax- and penalty-free at age 59½, provided the account has been open at least five years.
IRA, 401(k) Plan Account, 457 Plan Account, and 403(b) Plan Account Rollovers/Transfers.** Rollover IRAs are generally funded with assets from an employer-sponsored retirement plan account balance. You might decide to roll over an employer-sponsored retirement plan account balance into an IRA if you switch jobs, retire, or your company terminates its retirement plan. A direct rollover allows you to roll over funds from an employer-sponsored plan account into your IRA.
We also offer a range of retirement accounts for small businesses:
Simplified Employee Pension (SEP) IRA. A SEP is a tax-deferred retirement plan for small business owners or self-employed individuals. Small business owners may also provide a SEP plan for employees, which includes employer contributions only to employee SEP IRA accounts. SEP IRAs offer tax-deferred growth potential.
Savings Incentive Match Plans for Employees (SIMPLE) IRA. SIMPLE IRAs are retirement plans that small business owners can open for their employees. These plans are available to any small business owner with fewer than 100 employees. Many plans do not have a designated financial institution, so employees may hold their SIMPLE IRA at a brokerage of their choice. Contributions may be made by both employers and employees.
401(k) Plan Account. This plan lets employees defer a percentage of pre-tax income each pay period. Contributions and any earnings accrued grow tax-deferred. When distributions begin, they’re taxed at the employee’s ordinary income tax rate.
Roth 401(k) Plan Account. Roth 401(k) plans offer some of the benefits of traditional 401(k) plans and Roth IRAs. No tax is due on earnings as they accumulate, but unlike tax-deferred contributions, contributions to Roth 401(k)-plan accounts are taxable in the year they are made.
We offer nonretirement accounts as well:
Individual Brokerage Accounts. A contractual agreement between a sole investor and a brokerage firm, a brokerage account lets an individual place money with and request investment orders through a broker, who buys and sells securities on the individual’s behalf.
Joint Brokerage Accounts. A Joint Tenancy with Rights of Survivorship is a brokerage account shared by two or more account holders. When a joint account has the “right of survivorship,” it means that when one of the owners dies, the account and its property passes to the surviving owner or owners.
Make informed decisions.
We have multiple resources to help find the right IRA for you. Use our IRA Calculators to determine eligible plans, and visit Retirement Central® to learn about tax advantages, contribution limits, and withdrawal rules.
Manage your account effortlessly.
Open and manage your IRA in the comfort of your own home through the IRA Center™, where you’ll find planning tools, risk analyzers, investment options, educational articles, and all the forms you’ll need. You can even connect online with an IRA specialist.
* Nondeposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Nondeposit investment products offered through CFS are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. SELCO Community Credit Union has contracted with CFS to make nondeposit investment products and services available to credit union members.
** Before deciding whether to retain assets in an employer sponsored plan or roll over to an IRA an investor should consider various factors including, but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions, and possession of employer stock.