Individual Retirement Accounts (IRAs)
Saving for a Secure Future for you and your Family.
- A great retirement savings tool because of the special federal tax laws governing the taxation of earnings within an IRA1
- Earnings within Traditional IRAs are tax-deferred until they are distributed
- Earnings within Roth IRAs may be distributed tax-free
Saving for a secure future for you and your family.
It is never too early to start thinking about retirement. The earlier you start saving, the more you have to enjoy later. We offer several options to help you make the most of your retirement years.
IRAs are one of the best savings tools available today. More people are now eligible to benefit from the tax advantages available through IRAs.
What makes IRAs such a great retirement savings tool are the special federal tax laws governing the taxation of earnings within an IRA. Over time, these special tax features can result in significantly larger IRA savings accumulations than what can be accomplished in ordinary savings tools.
To open IRA accounts, please contact the credit union at 800-231-1626 for additional assistance.
Frequently Asked Questions
A Traditional IRA is a great way to minimize tax exposure while maximizing your retirement savings (subject to income and eligibility). A major advantage is that you may add funds to the account at any time.
- Contributions and earnings will grow tax-deferred until withdrawn and may be 100% tax-deductible, depending on income or employer retirement plan
- Add to your traditional IRA until you turn 70 ½ years
- Dividends may be tax deferred or tax deductible
- Withdrawals may start at age 59 ½ years or before without an early withdrawal penalty if certain conditions are met - consult an IRA specialist
Fees may reduce earnings. Dividends will be compounded monthly and will be credited monthly. Penalty for early withdrawal. Please consult your tax advisor for recommendations.
A Roth IRA is like having a Traditional IRA, with a little twist. Here is what you get:
- No taxes on dividends or earnings
- You can keep adding to your Roth IRA after you turn 70 1/2 years and you aren’t required to start taking money out until that time
- You can contribute up to $6,000 to a Roth IRA (or up to $7,000 if you are over 50 years).
- You can also convert your Traditional IRA into a Roth IRA. Ask us for details.
Fees may reduce earnings. Dividends will be compounded monthly and will be credited monthly. Penalty for early withdrawal.
Check it out. This is a great way to get started by keeping all of your retirement accounts in one place until you decide how to allocate your assets (401(k)/457 plans, DROP, Deferred Compensation, etc.).
- 4-month term
- No minimum balance
- New money only**
Fees may reduce earnings. Dividends will be compounded monthly and will be credited monthly. Penalty for early withdrawal. Will not automatically renew for an additional term.
The Freedom IRA Certificate is a temporary, 4-month term holding account for funds from qualified retirement plans such as 401(k) and deferred compensation plans while working with a Credit Union Firehouse Financial Advisor.
**The Freedom IRA Certificate Account is for new money (money currently not on deposit with Firefighters First Credit Union) only and will not automatically renew for an additional 4- month term. Upon maturity, if the funds on deposit in this account are not moved to a Firehouse Financial Investment Services account, they will be automatically transferred into a new six-month IRA Share Certificate, unless you instruct us to transfer the funds to another IRA account. There is no minimum dollar amount required to establish this account.
Keep your retirement account investment liquid while earning higher returns. This means that you always have access to your funds while earning a higher savings rate.
- Tiers of $2,500, $50,000, $75,000 and $100,000
- Fees may reduce earnings
- Dividends will be compounded monthly and will be credited monthly
- Variable rate, subject to change
No minimum balance required to open a Money Market IRA.
Earn high returns at a fixed rate while retaining tax-advantage benefits.
- Terms available include 6 months, 1 year, 18 months, 3 years, and 5 years
- Minimum balance tiers of $1,000, $50,000, and $100,000
Fees may reduce earnings. Dividends will be compounded monthly and will be credited monthly. Penalty for early withdrawal.
The maximum number of deposits allowed is one (1) per tax year. You may not make withdrawals, other than Traditional IRA required mandatory distributions, from an IRA Share Certificate Account until the maturity date. See the EARLY WITHDRAWAL PENALTY and EXCEPTION TO PENALTIES sections. Mandatory distribution withdrawals are limited to one (1) per calendar year, penalty free. If a Traditional IRA Account requires mandatory distribution, seventy and one-half (70½) years of age or greater, and the balance falls below the minimum required to avoid closure, the account will be closed without penalty and reopened at the lower balance tier and prevailing rate. If the balance falls below the lowest balance tier, the account will be closed without penalty and remaining funds will be credited to your Traditional IRA Share Account.
1Fees may reduce earnings. Dividends will be compounded monthly and will be credited monthly.
Please consult your tax advisor for recommendations on which type of IRA will be most beneficial to your specific financial situation and IRS restrictions. For more information regarding IRA forms, please stop by a Credit Union office or call us at (800) 231-1626.
All Firefighters First Credit Union deposit accounts except for share certificates have a variable rate. All rates subject to change.