At NW Preferred we offer safe, sound and easy ways to ensure that you will have the funds you need when you retire. Keep funds available with our Individual Retirement Account or invest over time with a NW Preferred CD. Plus all IRA investments at NW Preferred are fully insured, up to $250,000 by the NCUA, an agency of the federal government.

NW Preferred offers a variety of Individual Retirement Accounts (IRA), whether it is an IRA Savings Account or a Certificate to make sure that you find the one that works best for you. One of the great advantages of a NW Preferred CD is that we allow you to select the exact date a certificate matures, ensuring your funds are available on your schedule, not ours. Check out the options below:

Traditional IRA

With a Traditional IRA, earnings grow tax-deferred until they are withdrawn. Depending on your individual situation, you can often deduct IRA contributions from your income taxes. Check with your tax advisor to determine eligibility.

Roth IRA

With a Roth IRA you can withdraw your contributions (excluding earnings) at anytime. After a five year holding period and after reaching 59 ½ years of age you can withdraw contributions and earnings tax and penalty free. If you’re still working, contributions from earned income can be made after age 70 ½.

Coverdell Education Savings Account (ESA)

A Coverdell Education Savings Account (ESA) offers tax-deferred earnings like the Roth IRA. ESAs can be used for elementary and secondary school expenses the beneficiary may incur while in school. Expenses like tuition, fees, books and computer equipment are all covered. The contribution limit is up to $2,000 a year, depending on your family’s gross income. Joint filers with adjusted gross income (AGI) below $190,000 and single filers with AGI below $95,000 may establish Coverdell ESAs for designated beneficiaries and are eligible for the full contribution amount.

Simplified Employee Pension IRA (SEP)

The SEP IRA is designed to benefit self employed individuals and small business owners. A SEP IRA has high annual contribution limits and can be established by one person or a business owner with employees.

Choose The IRA That Meets Your Needs

Knowing your IRA options allows you to make the best choice for you. But if you are still unsure of what account is right for you, here are some helpful tips:

• Choose a Traditional IRA if you want tax deductions right now. It also makes sense if You anticipate paying taxes at a significantly lower rate in your retirement years
• A Roth IRA allows you another option to build savings tax free. It also makes sense if you anticipate paying taxes at a higher rate in your retirement years 
• A SEP IRA is a perfect solution for self-employed and small business owners