IRAs

Savings for the future. Tax credits now.

Individual Retirement Accounts (IRAs) are savings accounts specifically designed to provide additional income for education or retirement. Contributions to a Traditional IRA may reduce your taxes so make sure to check with your tax consultant. Explore the three different IRAs FCCU offers to find your fit.

Special Features

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Traditional IRA

Contributions may be tax deductible and your earnings grow tax deferred allowing you to save quickly for retirement. Withdraws are permitted at age 59.5 with IRS tax penalties and are required at age 70.5.

SEE IRA CALCULATORS
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Roth IRA

The Roth IRA allows you to withdraw your earnings with no IRS penalties if the IRA has met the five- year waiting period and the distribution is qualified1. There is no requirement for withdrawals on this account. Simply let your money grow tax-free for as long as you like.

SEE IRA CALCULATORS
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Coverdell Education IRA

Be prepared for college and beyond by investing up to $2,000 for each child under age 18. Though the contribution is not tax deductible, the benefit comes when you remove the money. If it is used for qualified education expenses - you pay no taxes on it.

SEE IRA CALCULATORS

1 A distribution is qualified if the Roth IRA meets two requirements: 1. It must meet a five-year waiting period for distributions. 2. The owner must meet one of the following penalty tax exemptions: a. age 59.5 or older b. disability c. death d. first-time homebuyer

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