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Savers choose CUs for IRAs
MADISON, Wis. (9/10/10)--An increasing number of retirement savers are selecting credit unions for their individual retirement accounts (IRAs). IRA balances are up 12% over the past year, according to the Credit Union National Association (CUNA). June 5300 call report data from the National Credit Union Administration indicates that 65.3% of the 7,717 credit unions in the U.S., including Puerto Rico, showed outstanding IRAs as of June 30, according to CUNA. IRAs make up 9.68% of mid-year CU savings--at $796 million for shares and deposits, according to data from the same time period. A study by Cogent Research indicated that for the first time, IRA assets are bigger than employer-based accounts like 401(k)s, said The Creston News Advertiser (Sept. 8). “IRAs are in sync with credit union ideals, like member education and financial planning,” said Stan Hollen, president/CEO of CO-OP Financial Services. He told the paper that a solid retirement plan involves making sure savings are there when the accountholder needs them and making sure the money lasts. “A disciplined, slow and steady approach is best, combined with insured safety and not spending unnecessarily,” Hollen added. “Member-owned credit unions, with their heritage of service, trust and security, are right in tune with today’s savers and retirees.”


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