Brokaw Credit Union
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Brokaw Credit Union

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Brokaw Credit Union

Brokaw Credit Union has been providing loans, savings accounts and checking accounts in the Wausau area since 1952.

What makes a credit union different from a bank?

The difference can be seen in four key ways: how credit unions are governed, how they define their purpose, the benefits they offer their members and the values they bring to their communities. Become a member of Brokaw Credit Union today.

Brokaw Credit Union is conveniently located in the Wausau area. Our north branch is located just north of Wausau in the town of Brokaw and our south branch is located in Weston.

Affordable health insurance made easy. Find plans that fit your budget. Designed for credit union members. Enroll now. Deadline February 15th.
Brokaw Credit Union

Facts About Roth IRAs

Individual retirement accounts (IRAs) aren't just for retirement anymore. Different types of IRAs will let you save for your first home or for higher education expenses—as well as for retirement. Let's take a look at the Roth IRA.

The Roth IRA allows you to contribute up to $5,500 a year in 2015 (those older than 50 can contribute up to $6,500).

Income limits do come into play. If you’re single, you can contribute to a Roth if your modified adjusted gross income is less than $131,000. Contributions gradually phase out as modified adjusted gross income reaches $116,000. Similarly, income limits run from $183,000 to $193,000 for married couples filing jointly.

Contributions to a Roth IRA are not tax-deductible. Instead, earnings grow tax-free and you pay no taxes when you withdraw the money—provided it's been in the account at least five years, and:

  • You're older than 59½,
  • You become disabled, or you die and it's paid to your beneficiary, or
  • You use the money for a first-time home purchase ($10,000 lifetime withdrawal limit).

Another Roth IRA benefit is that you don't have to begin withdrawing money at age 70½, as is the case with traditional IRAs. Your earnings will continue to grow tax-free, for as long as you like.

You can convert funds from a regular IRA to a Roth IRA, but you should know that distributions are taxed in the year you convert the funds.

Another factor is tax liability. If you'll be in the same or higher tax bracket during retirement, the Roth IRA with its tax-free withdrawal is a good choice to consider. If you qualify for and need tax deductions now, you might do better with a traditional IRA.

Our IRA specialists would be glad to help you decide if a Roth IRA is a good investment vehicle for you. Stop by or call today.

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Brokaw Office

300 Everest Ave
PO Box 151
Brokaw, WI 54417
Phone: 715-675-2319
Fax: 715-675-5511

Lobby Hours:
M, T, Th 9:00-4:00
Fri 9:00-5:30
Closed Wed and Sat

Drive-up Hours:
M, T, Th 8:30-4:30
Fri 8:30-5:30
Closed Wed and Sat

Weston Office

2006 Schofield Ave
PO Box 199
Weston, WI 54476
Phone: 715-359-7012
Fax: 715-355-5295

Lobby Hours:
Mon-Thurs
8:30 am to 4:30 pm
Friday
8:30 am to 5:30 pm

Drive-up Hours:
Monday
7:30 am to 5:00 pm
Tues, Wed, Thurs
8:30 am to 5:00 pm
Friday
7:30 am to 5:30 pm
Saturday
9:00 am to 12:00 noon

NCUA
equal housing opportunity
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Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States government