The Time to Save for the Future is Now

SCU Tax Advantaged Accounts

The sooner you start saving for the future, the more comfortable you can feel when the future arrives. SCU offers three unique tax advantaged savings options. Each offer different tax benefits and contribution limits. It is always best to speak with your tax advisor when deciding which account is best for you and your family.

Traditional IRA

If you want your retirement account earnings to be tax-deferred, and in some cases, tax deductible, a Traditional IRA offers the savings you need. A Traditional IRA allows you to save for retirement effectively. Earnings are tax-deferred, and in some cases your contributions to the account are tax-deductible. These tax advantages make the Traditional IRA a powerful tool in creating a balanced, long-term savings plan. Speak with your tax advisor first when deciding on your savings plan.

See Our Rates

Roth IRA

If you want to be able to withdraw money from your account upon retirement without income tax in most cases, a Roth IRA may suit your needs. A Roth IRA offers different tax incentives than Traditional IRAs. Contributions to your Roth IRA are not tax-deductible, but you are able to withdraw money from the account upon retirement without income tax in most cases. Speak with your tax advisor first when deciding on your savings plan.

See Our Rates

Coverdell Education Savings Account (ESA)

Secure your child's future with tax-advantaged savings. If you want an account designed specifically to save for your child's education, check out the Coverdell ESA. Start saving now for your child’s education expenses. An ESA allows you to make non-deductible contributions and tax-free withdrawals. ESA’s can be used to offset the costs of several education expenses, including:

• Tuition
• Fees
• Books
• Supplies
• Equipment
• In some circumstances, room and board

Speak with your tax advisor first when deciding on your savings plan.

See Our Rates