Retirement Accounts

No matter what stage of life you're in, an Individual Retirement Arrangement can help with your financial planning. The future arrives every day, and now is the time to prepare for it.


Whether retirement is far down the road or just coming around the corner, there's no time like the present to begin securing your future. Individual Retirement Arrangements (IRAs) are designed for you to save consistently over time so you'll be able to enjoy comfortable living in your retirement years.

IRAs deliver flexibility, accessibility, and tax advantages* that can help you achieve your financial goals. If you're just beginning your career, planning for your growing family, or approaching retirement, it's never too late to start saving.

IRAs at Dutch Point Credit Union provide you with the following features:

  • Tax-advantaged* retirement savings
  • Competitive IRA rates and term options
  • No setup fees
  • No maintenance fees
  • IRAs are federally insured up to $250,000 by the National Credit Union Administration

Eliminate worry about your future by investing in an IRA. Explore your IRA options in the tabs above, give us a call, or visit one of our WethersfieldNewingtonBerlinBloomfieldWest HartfordNiantic, or Middletown, CT locations to learn more.

* Consult a tax advisor.

Traditional and Roth IRAs

Life gives us many options. When it comes to your IRA, you have options too. Dutch Point offers both Traditional and Roth IRAs. Explore what each type of IRA has to offer to get the most out of saving for your retirement.

Traditional IRA

The appeal of a tax deduction is why many choose a Traditional IRA. If you are eligible to deduct Traditional IRA contributions, you may want to save with a Traditional IRA.

  • Save for retirement with tax-deferred earnings and the possibility of tax-deductible contributions.
  • Potential earnings accrue tax-deferred.
  • You can withdraw your assets anytime, but taxes and penalties may apply, depending on your age and what type of assets you remove.
  • Once you reach age 70½, you must remove a minimum amount (called a Required Minimum Distribution, or RMD) from your Traditional IRA each year.

Roth IRA

The lure of tax-free money is why many choose a Roth IRA. If you’re eligible to make Roth IRA contributions, you may want to explore this savings option more in depth.

  • Roth IRA contributions must be included in your taxable income, therefore they are not tax-deductible. But because of this you can withdraw your contributions at any time, tax- and penalty-free.
  • Any earnings generated within the IRA are tax-deferred.
  • If you satisfy the qualified distribution* requirements, you can withdraw the earnings tax-free.
  • You are never required to take money out of your Roth IRA, no matter your age.

* A Roth IRA qualified distribution occurs when money is withdrawn from your Roth IRA after you have owned a Roth IRA for at least five years, and you are age 59½ or older, disabled, a first-time homebuyer, or deceased.

Coverdell ESA

Are you looking for a way to help the child in your life achieve a bright future? Contributing to a Coverdell Education Savings Account (ESA) is a good place to start. With a Coverdell ESA, tax-free money for education is within reach.

Coverdell ESAs allow you to make annual non-deductible contributions on behalf of a child until the child reaches age 18*. The earnings generated will remain tax-deferred while in the ESA. When the child uses money in the ESA to pay for qualified education expenses, the contributions and the earnings come out tax-free.

  • Qualified education expenses include tuition, fees, books, supplies, equipment, and, in some cases, room and board.
  • Anyone, family member or non-family member, can contribute to a child's ESA. Consult a tax advisor as certain income limits apply.
  • Contributions of up to $2,000 per year may be invested in a Coverdell ESA.

With the rising costs of higher education, you might be concerned your child will have trouble achieving his or her dreams. Opening a Coverdell ESA can help ease those fears. Contact us to learn more and prepare for your child's future.

* The age 18 limit does not apply to special needs individuals.

At Dutch Point, it's all about you. We empower you to make financial decisions that are right for you. We pledge to help you meet and exceed your financial goals through all the stages of your life.