Individual Retirement Accounts (IRAs)

People fall into two camps with IRAs:

They contribute regularly and rest easy knowing their retirement will be financially secure.
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.

Traditional vs. Roth IRAs

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Principal contributions can be withdrawn without penalty*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.

IRA Details

What you need to know when opening an IRA at SCCCU.

Features

Tax-advantaged retirement savings
Competitive dividends above standard savings rates
Traditional or Roth IRAs available
Funds can be used to purchase Share Certificates within IRA
Federally insured to $250,000 by NCUA

Requirements

$5,000 contribution limit per year
$100 minimum deposit to open
Additional $1,000 "catch-up" contribution allowed for ages 50+

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