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Prepare for Retirement

An Individual Retirement Account (IRA) is a good way to plan a more secure retirement by supplementing your pension plan and social security benefits. APCI FCU offers Traditional and Roth IRAs with no annual maintenance fees.

For tax year 2023, the contribution limits for Traditional and Roth IRAs are $6,500.00. The contribution limits are $7,500.00 if you are age 50 or older, or if your entire taxable compensation for the year is less than these limits. For tax year 2024, the contribution limits for Traditional and Roth IRAs are $7,000.00. The contribution limits are $8,000.00 if you are age 50 or older, or if your entire taxable compensation for the year is less than these limits.

Traditional IRA

  • Contributions may be tax deductible depending on IRA holders adjusted gross income and other circumstances
  • Earnings grow tax deferred
  • Money contributed and earned is subject to income tax at the time of withdrawal
  • Normal distributions may be made without IRS penalty when IRA holder reaches 59 ½*
  • Withdrawals before 59 ½ are subject to a 10% early distribution penalty (certain exceptions apply)*
  • Annual minimum distributions are required when the IRA holder turns 73

Roth IRA

  • Funded by after-tax dollars; contributions are not initially tax-deductible
  • Earnings grow tax deferred
  • Withdrawals before 59 ½ are subject to a 10% early distribution penalty (certain exceptions apply)*
  • Qualified withdrawals of contributions and earnings are tax free*
  • No required minimum distribution regardless of age

 

For further information, please call 800-821-5104.

  • Al Kauffman, Certified IRA Professional, at ext. 6840
  • Victoria Fernandes, Certified IRA Specialist, at ext. 6887

* Certificate withdrawal penalties may apply.

Rates & Terms

Rates effective February 1, 2024, at 7:30 am ET

Rates are subject to change.

IRA
Account TypeDividend RateAPY**
Traditional & Roth* 0.150% 0.150%
* Rate is variable and subject to change after account is open. $1.00 minimum balance required.
** APY = Annual Percentage Yield. APY assumes dividends remain in account.

Certificates
TermDividend RateAPY**
Regular & IRA (Traditional & Roth)*
3 months 2.960% 3.000%
6 months 3.445% 3.500%
12 months 4.170% 4.250%
18 months 3.930% 4.000%
24 months 3.690% 3.750%
30 months 3.690% 3.750%
36 months 3.690% 3.750%
48 months 3.690% 3.750%
60 months 3.445% 3.500%
* $500 minimum deposit required. A penalty may be imposed for withdrawals made before maturity.
** APY = Annual Percentage Yield. APY assumes dividends remain in account.

IRA

IRA Eligibility

Please refer to the eligibility requirements below to help determine which IRA best fits your needs.

You may qualify for a Traditional IRA if:

  • You did, or you will receive earned income for the tax year specified

You may qualify for a Traditional Spousal IRA if:

  • You or your spouse did, or will receive earned income for the tax year specified
  • You and your spouse will file a joint federal income tax return for the year specified

You may qualify for a Roth IRA if:

  • You did, or you will receive earned income for the tax year specified
  • You and your spouse (if applicable) did, or will receive Modified Adjusted Gross Income, (MAGI), less than the maximum permitted for the tax year specified
    • For 2023, the maximum MAGI Limit is $218,000 for married filing jointly, $138,000 for single, and $10,000 for married filing individually
    • For 2024, the maximum MAGI Limit is $230,000 for married filing jointly, $146,000 for single, and $10,000 for married filing individually
    • Your contribution may be limited if your MAGI exceeds certain income limits

You may qualify for a Roth Spousal IRA if:

  • You or your spouse did, or will receive earned income for the tax year specified
  • You and your spouse will file a joint federal income tax return for the year specified
  • You and your spouse did, or will receive Modified Adjusted Gross Income, (MAGI), less than the maximum permitted for the tax year specified
    • For 2023, the maximum MAGI limit is $218,000
    • For 2024, the maximum MAGI limit is $230,000
    • Your contribution may be limited if your MAGI exceeds certain income limits

Next Steps

To initiate any of the following actions for a Traditional or Roth IRA, please contact us. IRA documents can now be signed with an electronic signature, making our processes more efficient and secure.

  • IRA Simplifier: to establish an IRA on your Credit Union Account for which you are primary owner
  • IRA Contribution: to contribute, transfer, or rollover to your established IRA with the Credit Union
  • IRA Contribution Eligibility: to determine the eligibility of a contribution
  • IRA Transfer Request: to initiate an IRA transfer from another IRA custodian to your IRA at the Credit Union
  • IRA Designation of Beneficiary: to designate or change beneficiary options on your IRA with the Credit Union
  • IRA Withdrawal Authorization: to withdrawal from your IRA
  • IRA Certificate Purchase: to transfer funds from existing IRA Shares at the Credit Union to an IRA Certificate

For further information, please call 800-821-5104.

Al Kauffman, Certified IRA Professional, at ext. 6840
Victoria Fernandes, Certified IRA Specialist, at ext. 6887

 

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