Individual Retirement Accounts
An Individual Retirement Account, or IRA, is a personal savings plan which allows you to set aside money for retirement, while offering you tax advantages. Upon retirement, IRA can be used as a rollover account for your pension or 401(k) plan.
IRAs are available as a passbook account or as certificates. IRA accounts cannot be joint accounts. You will be asked to designate a beneficiary.
Selfreliance FCU offers both Traditional and Roth IRAs. There is a limit to the amount which can be deposited annually, which cannot exceed your earned income for the year. Amounts you withdraw from your IRA may be fully or partially taxable in the year you withdraw them. Check with your tax advisor. Your tax advisor can assist you in determining which type of IRA is best for you.
Please check with Member Services if you desire more information about Roth and Traditional IRAs.