Individual Retirement Account (IRA)

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.
 

► Both Traditional and Roth IRA Annual Contribution limits are $6,000 for 2019. This limit is subject to annual cost-of-living adjustments. If you are age 50 or older by the close of the taxable year, you may make an additional catch-up contribution of $1,000.


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 70 ½


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. 2840
  • Michelle Roxbury, Certified IRA Specialist at ext. 2876
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