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Individual Retirement Accounts (IRAs)
Let's chart your course toward the golden years.
Traditional and Roth IRA options
Range of tax benefits
Steady earnings with savings account or Share Certificates
Traditional IRA or Roth IRA – Which path suits you best?
Embarking on the journey towards your retirement goals calls for thoughtful planning and informed decisions. Here at Securityplus Federal Credit Union, we believe in empowering our members to navigate the complexities of financial choices with confidence and clarity.
Your retirement bucket list is a mile long
At the heart of our mission is a simple yet powerful mantra: "Make Every Moment Count." This means whether you're enjoying time with loved ones in Maryland, exploring new places, diving into hobbies, or a mix of these, a solid financial foundation is key to living life on your terms. Let us be your trusted partner in turning your retirement bucket list into a reality. With our Individual Retirement Accounts you can feel confident knowing that your financial well-being is in good hands.
Traditional IRA
- Initial Deposit: Start with as little as $25.
- Annual Contribution: Up to $7,000 (or $8,000 if you're over 50).
- Tax Advantages: Potential tax deduction for contributions each year.
- Tax-Deferred Growth: Interest and dividends grow tax-deferred.
- Penalty-Free Withdrawals: Available from age 59 1/2.
- Required Distributions: Must start by age 72.
- Tax Guidance: Consult your tax advisor for specific
Traditional IRA
- Initial Deposit: Start with as little as $25.
- Annual Contribution: Up to $7,000 (or $8,000 if you're over 50).
- Tax Advantages: Potential tax deduction for contributions each year.
- Tax-Deferred Growth: Interest and dividends grow tax-deferred.
- Penalty-Free Withdrawals: Available from age 59 1/2.
- Required Distributions: Must start by age 72.
- Tax Guidance: Consult your tax advisor for specific
Roth IRA
- Initial Deposit: Open with a minimum of $25.
- Annual Contribution: Contribute up to $7,000 yearly (or $8,000 for those over 50).
- Tax-Free Growth: Interest and dividends are tax-exempt.
- Tax-Free Withdrawals: Qualified distributions are tax-free.
- Penalty-Free Access: Available at age 59 1/2 after 5 years of holding the account.
- Flexible Withdrawals: Early, penalty-free options for first home purchase or educational expenses.
- No Required Distributions: Enjoy no minimum distribution requirements.
- Tax Advice: For more details, consult with your tax advisor.
Roth IRA
- Initial Deposit: Open with a minimum of $25.
- Annual Contribution: Contribute up to $7,000 yearly (or $8,000 for those over 50).
- Tax-Free Growth: Interest and dividends are tax-exempt.
- Tax-Free Withdrawals: Qualified distributions are tax-free.
- Penalty-Free Access: Available at age 59 1/2 after 5 years of holding the account.
- Flexible Withdrawals: Early, penalty-free options for first home purchase or educational expenses.
- No Required Distributions: Enjoy no minimum distribution requirements.
- Tax Advice: For more details, consult with your tax advisor.
