Individual Retirement Accounts
Opening IRA Savings Accounts
Opening IRA Certificate Accounts
Managing IRA Funds
Managing IRA Accounts
Withdrawing Funds from IRA Accounts
The Savings Account simulations in this module are based on the following scenario:
Janet Papadeaux has a Traditional IRA savings account and needs to withdraw $1000 in the form of a check from the account. She wants to be exempt from federal and state withholding. This is a normal distribution because Janet is of an eligible age to withdraw funds for this account type.
The Certificate Account simulations are based on the following scenario:
Lindsey Burrell has an IRA certificate account and needs to withdraw $500 from it in the form of a check. She wants to exempt herself from federal and state withholding. She is making this withdrawal before the certificate matures, so she will have to pay a penalty for the withdrawal. Your credit union does not pay dividends earned on a certificate withdrawal so you do not need to calculate the dividends. Lindsey is 70 years old and therefore eligible for a normal distribution from her IRA account.
Simulations
Savings Account:
Query and Update Retirement Plan
Certificate Account:
