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For Your Protection:  Our office will ask multiple questions to verify your identify before preforming any service or providing any information on your account to keep your account safe.

If you have any questions about this process, please inquire with one of our offices in person or over the phone.

G.A.P. Federal Credit Union offers a number of ways to save for your retirement. Some have tax-free earnings and tax-free withdrawals, others allow you to defer taxation until you withdraw. And any of these accounts can be set up as a 12, 24 or 36 month certificates of deposit.

Traditional IRA -Traditional IRAs are specially intended for retirement after age 70½. The biggest advantages are that certain contributions to this type of IRA are tax deductible in the year the contributions are made, and taxes due on the earned interest are deferred until the funds are withdrawn.

Roth IRA – Roth IRA contributions are not tax deductible. On the other hand, while traditional IRA dividends are tax deferred, Roth IRA withdrawals are tax free IF the account holder has had a Roth IRA for more than five years; and is age 59½ years or older; or the holder has become permanently disabled; or is purchasing a first home; or dies. Contributions can be made after age 70½, and no withdrawals are required during the account holder’s life.

Coverdell ESA (formerly Education IRA) – For payment of qualified education expenses, including elementary and secondary schools (K-12th). A Coverdell ESA gives flexibility to families saving for college tuition and other related expenses. Up to $2000 per year may be deposited for each child under age 18. Anyone can make a contribution – parents, grandparents, relatives, friends – up to a total of $2000 per year. These contributions are not tax deductible, but dividends earned are tax free. Plus, funds not used for one child may be transferred to other children within the family without being subject to income taxes.

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