Individual Retirement Accounts (IRAs)
Creating the future you want means planning for it today.
Time flies. Before you know it, the years have flown by and what do you have to show for it? If you've planned well, probably quite a bit. Individual Retirement Accounts from SFCU allow you to invest today, shelter your current income against taxes so you pay a lower rate when you retire and begin to withdraw your savings.
You can start withdrawing without penalty when you're 59 1/2. But if you're not withdrawing by the time you hit 70 1/2, there's a penalty for that. Don't worry though. We'll give you plenty of warning and options to be sure that doesn't happen.
You can withdraw money from your IRA in one lump sum or in regular payments. Your choice.
SFCU offers 12, 18, 24, 30 and 36 month IRAs, as well as a Future Fund Account, a daily account used for payroll deduction.
With a Roth IRA, you'll earn tax-free dividends. While your contributions are taxed, all withdrawals - including earnings - are tax free as long as you've had the account for at least five years and you're 59 1/2 or older. If you haven't yet reached that milestone, you can still withdraw tax free to purchase your first home or pay higher education expenses.
If you would like to open an IRA please contact Member Services at (509) 328-2900, (800) 541-4310, or email us at: firstname.lastname@example.org.
We compute your dividends every day and pay them monthly. IRAs are insured up to $250,000 by the National Credit Union Administration (NCUA).