Individual Retirement Accounts (IRAs)
Begin building a retirement nest egg by opening an IRA with Family Security Credit Union. We offer both Traditional and Roth IRAs in the form of IRA Shares and IRA CDs.
Traditional IRA
A Traditional IRA may offer immediate tax benefits, as your regular contributions may be tax-deductible.
Tax deferred until withdrawn
- No age limit for regular contributions as long as IRA owner has earned income or spouse has earned income
- Contributions are subject to IRS annual contribution limits
- Rollovers are accepted from Traditional IRAs, Simple IRAs, SEP-IRAs, qualified plans, 403(b) plans and governmental 457 plans
- Most traditional IRA distributions are subject to income taxes.
- Distributions may be taken at any time and will be treated as ordinary income
- Non-qualified distributions may be subject to the 10% early withdrawal penalty
Visit a branch location near you to open a Traditional IRA today.
FIND A BRANCH Apply Now Calculate Your CD Value
Roth IRA
You may benefit from opening a Roth IRA if you expect to be taxed at a higher rate in retirement.
- Earnings tax deferred until withdrawn
- Earnings may be withdrawn tax-free if the owner has a qualified distribution:
- The IRA owner is 59-½ or older, is disabled, is deceased, or the distribution qualifies as a first-time home purchase, AND
- The IRA owner has had a Roth IRA for 5 years
- Contributions are subject to IRS annual contribution limits
- No age limit for regular contributions
- Can accept rollovers from Roth IRAs and Roth 401(k) accounts. A traditional IRA and a qualified plan can be converted to a Roth IRA.
- Distributions may be taken at any time and are tax and penalty free if a qualified withdrawal
- Non-qualified distributions may be subject to the 10% early withdrawal penalty
- Not required to take minimum distributions
Visit a branch location near you to open a Roth IRA today.