As you plan for your future, and eventual retirement, City FCU is here to help. We offer Traditional IRA (Individual Retirement Account) Savings to help with retirement planning. You can contribute to your IRA account through a lump sum deposit, rollover from a qualified plan or through payroll deduction.
With a Traditional IRA, contributions made to your IRA may be tax deductible and your earnings are not taxed until they are withdrawn (if qualifications are met). You can begin withdrawing funds from your Traditional IRA after age 59 ½ without penalty, and must begin taking annual minimum distributions between age 70 ½ to 73 (depending on your birth year).
IRAs can offer tax advantages and supplement other retirement investment plans you may have.* Plus, your IRA savings are federally insured by the NCUA up to $250,000.
To open an IRA Savings, please contact us.
*Consult a tax advisor for details