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.

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 2022, the contribution limits for Traditional and Roth IRAs are $6,000.00. The contribution limits are $7,000.00 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 72

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

* Share certificate withdrawal penalties may apply.