IRAS
We make planning for retirement easy.
Whether you're planning your golden years or saving for your first home, an IRA - Individual Retirement Account - from SAG-AFTRA FCU is the smart way to save for your future.
Traditional IRAs
A Traditional IRA allows you to make investments that will grow tax-deferred until you remove money from your account. Your contributions to a Traditional IRA may be tax-deductible depending on your participation in a workplace retirement plan and certain income limitations.
- No minimum balance required to open an IRA
- Insured by the NCUA up to $250,000 and separate from other accounts*
- Earnings grow tax-deferred until withdrawn**
- May be used for first time home purchase or education**
- Catch up contributions may be made for certain individuals**
- Dividend rates for IRAs are the same as regular savings and certificate accounts
* Traditional and Roth IRAs at one credit union are insured in the aggregate to $250,000, and separate and apart from insurance on other credit union accounts. Retirement account insurance protection applies to credit union accounts, not investments.
** Consult your tax advisor who can evaluate your individual situation with regard to IRAs.
Roth IRAs
A Roth IRA allows you to invest money by making nondeductible after-tax contributions that grow tax-deferred. The key difference between a Roth IRA and a Traditional IRA is that, in a Roth IRA, money is not taxed when withdrawn for qualified distributions.
Although there are income limitations, you may receive greater tax savings and more distribution flexibility with a Roth IRA than with a Traditional IRA. It may be a solution when looking for tax savings in the future, rather than today.
- Both savings and certificates accounts are available
- Insured by the NCUA up to $250,000 and separate from other accounts*
- May be used for higher education, penalty free**
- Contributions in a Roth IRA have already been taxed
- There is no 70½ age limit on making contributions
* Traditional and Roth IRAs at one credit union are insured in the aggregate to $250,000, and separate and apart from insurance on other credit union accounts. Retirement account insurance protection applies to credit union accounts, not investments.
** Consult your tax advisor who can evaluate your individual situation with regard to IRAs.
Do you want to learn how to save, invest, and manage your money?
MyMoney.gov is the U.S. government's website dedicated to teaching all Americans the basics about financial education. Whether you are planning to buy a home, balancing your checkbook, or investing in your 401k, the resources on MyMoney.gov can help you do it better.