Personal Savings

Individual Retirement Accounts (IRAs)

People fall into two camps with IRAs. 1) They contribute regularly and rest easy knowing their retirement will be financially secure. 2) They keep hearing about IRAs, know they need one, but haven't gotten around to it.

If you fall into category two, let SCCCU get you started on the track to financial security. Enjoy tax savings while retaining federal insurance when IRA funds are deposited with SCCCU.
Summary
  • Tax-advantaged retirement savings
  • Competitive dividends above standard savings rates
  • Traditional or Roth IRAs available
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase Share Certificates within IRA
  • $100 minimum deposit to open
  • Federally insured to $250,000 by NCUA

View our interest rates.

Traditional vs Roth

Traditional IRA

  • No income limits to open
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

Roth IRA

  • Adjusted gross income must be less than $122,000 to contribute ($179,000 for joint filers)
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age

*Subject to some minimal conditions. Consult with a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

The SCCCU Difference

Included with your SCCCU account at no extra charge is peace of mind and a general, all-around good feeling. This priceless value comes from knowing:

  • Your financial institution is a nonprofit
  • Our primary mission is to strengthen our community
  • We are environmentally conscious in all our practices
  • We pass on revenue in the form of lower loan rates and charity donations
  • None of our executives are getting filthy rich at your expense

Best of all, you don't have to sacrifice anything to receive this added benefit. We have all the latest technology, services, and account features the mega banks do. It's just that we believe in giving back, not taking away.