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Your IRA remains in your name, regardless of job changes. If you have a 401(k) from a previous employer, you may choose to roll it over into an IRA to maintain tax advantages and consolidate your retirement savings.
Opening an IRA with Solarity Credit Union is simple. You can start by calling 800.347.9222 or visiting a branch to get personalized guidance on the best retirement savings option for you.
Yes, you can have both a Traditional IRA and a Roth IRA, but your total contributions across both accounts cannot exceed the annual IRS contribution limit.
IRA contribution limits are set by the IRS and may change over time. Generally, contribution limits depend on your age and income level. To ensure you're maximizing your savings within the allowed limits, check the latest guidelines from the IRS or speak with a Financial Guide at Solarity Credit Union.
Credit union deposits are insured by the NCUA for up to $250,000 per depositor for each account type, which is similar to the FDIC, which insures deposits held at banks for the same amount. That said, there are ways to structure your credit union accounts to increase your NCUA insurance coverage above this amount. You can do this by opening multiple accounts with different types of ownership, such as a single, joint, trust, corporation/partnership and self-directed retirement account (IRA).
Each account type is insured separately, so having multiple accounts with different ownership types can increase the amount of coverage. For example, this chart created by the NCUA shows how a family of three could be insured for up to $2,500,000.
Credit union deposits are federally insured, but not by the FDIC. Instead, they are insured by a separate government agency called the National Credit Union Administration (NCUA). The NCUA insures deposits at credit unions, while the FDIC insures deposits at banks. Both the NCUA and FDIC offer the same amount of insurance for depositors.
To connect your Solarity account to mobile payment apps such as Zelle, Venmo, Cash App, Paypal and Google Pay, follow these steps:
1. Download your payment app of choice from your app store.
2. Open the app and create an account.
3. Verify your phone number and/or email address.
4. Link your bank account or card information to the payment app.
Once your Solarity bank account or card is linked to your payment app of choice, you can use the app to send and receive money directly from your account to other app users.
Certificates are similar to certificates of deposit (CDs), but certificates are issued by credit unions and CDs are issued by banks. At Solarity, we offer great rates on certificates with a variety of term options. Click here to view today's rates.
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If you aren't able to find the answers you need, reach out to us. We are happy to help!