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IRA Shares

Individual Retirement Accounts (IRA)

It's never too late, or early, to plan for your retirement. A SAFCU IRA is a smart addition to your retirement portfolio, providing potential tax advantages.1 Whether you plan to retire in a few years or a few decades, SAFCU is the place to get started. We offer two IRA plans to help you start saving:

Traditional IRA

A Traditional IRA plan offers three basic benefits: Security for your retirement years; tax-deferred dividends until you withdraw your funds (as early as age 59-1/2); and a possible deduction from annual gross income on your federal income tax return. These tax advantages make the Traditional IRA a powerful tool in creating a balanced, long-term savings plan.

 Roth IRA

Roth IRAs are different from traditional as contributions are made with post-income taxed dollars. Unlike a Traditional IRA, Roth IRAs permit continuing contributions after age 70-1/2, and there is no requirement to begin withdrawals at age 70-1/2. Retirement savers can have both a Traditional and a Roth IRA, but combined contributions in any tax year are limited to that year's limit1. The Roth IRA offers more incentives to boost your retirement savings.

Deciding between a Traditional IRA and a Roth IRA

Review the following chart to decide which best fits your financial situation.1

 Traditional IRARoth IRA
Eligibility You must be under 70 1/2 years old. Available for all ages.
Contribution limits

$5,500
$6,500
(if age 50 or older by 12/31/15)
$5,500
$6,500
(if age 50 or older by 12/31/15)
Contribution deadline IRAs must be opened by April 15 the current tax year, for previous tax year benefits.
Income limit Anyone is eligible to contribute, but not everyone will receive the tax benefit. Up to $117,000 for Single filers.
Up to $184,000 for Married (combined annual income).
Advantages Earnings are tax-deferred until withdrawn. This may help you decrease your taxable income to a lower tax bracket.

No income restrictions.
Tax free withdrawals on the principal and all earnings.

No mandatory distribution age.

No minimum withdrawal requirement.
Disadvantages Withdrawals before 59 1/2 are subject to a 10% penalty.1 Contributions are not deducted from your taxable income.
Current Rates View View

Two Ways to Invest

Our Traditional and Roth IRAs are available as IRA Savings or IRA Certificates. Here's an overview of both options:

 IRA CertificateIRA Savings
What is it? A guaranteed fixed rate for a specific term. After your certificate matures, you can move it or let it automatically renew with a new fixed rate. A savings account that earns a variable rate. You aren't locked into any time frame, so you can enjoy more flexibility.
Who is it for? Members who want the peace of mind of a steady return on their money. Members with limited starting funds, or anyone who wants the freedom to move their money around.
Contribution deadline IRAs must be opened by April 15 of the current tax year, for previous tax year benefits.
Available in? Traditional and Roth IRAs Traditional and Roth IRAs
Account minimum $1,000 $5
What are the terms? Terms from 6 to 60 months No set terms
Is it insured? Yes, by the National Credit Union Administration (NCUA)2 Yes, by the National Credit Union Administration (NCUA)1

Have an IRA question? Call (800) 541-2546.

1Retirement account deposits, including Roth and Traditional IRAs, are insured by the NCUA up to $250,000 per depositor. Learn more about deposit insurance.

2Contact your tax advisor for details.

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