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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. 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 limit. 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.

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Two Ways to Invest

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

Have an IRA question? Call 800.541.2546.

Contact your tax advisor for details.

 

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

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