INDIVIDUAL RETIREMENT ACCOUNTS (IRA's)
City of Firsts Community FCU offers a wide range of IRA products that
will help make your retirement dreams come true. Unfortunately, there
will not be enough for retirement if we just depend on Social Security,
so if you aren't saving enough now, then IRA's may be the answer for
a secure future.
- No monthly fees
- Contributions may be made in "lump sums" or
by regular deposits to the IRA shares throughout the year
are paid monthly and accrued daily
- Penalty for IRA Early Withdrawal
/ Transfer / Closing may apply
Traditional IRA's offer tax-deferred
earnings and the possibility for tax-deductible contributions.
Created as part
of the Taxpayer Relief Act of 1997 and originally called The American
Dream IRA. The Roth IRA is an account that features tax-free
withdrawals for certain distribution reasons after a five-year holding
period. Since Roth IRA contributions are nondeductible and taxed in
the year they are earned, members who expect to be in a higher tax
bracket when they retire may benefit more from a Roth IRA than from
a Traditional IRA.
For complete information on Traditional and Roth IRA accounts, please
contact our IRA specialist at the Credit Union!