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