Individual Retirement Accounts
A variety of Individual Retirement Accounts (IRAs) will help make your retirement dollars provide safety and security for you and your family for years to come. At Fresno County Federal Credit Union, we offer numerous IRA options to best suit your needs.
The Traditional IRA account offers tax-deferred earnings and the possibility for tax-deductible contributions. You may defer taxes and withdraw funds in a year when you may be in a lower tax bracket, which can mean more after-tax dollars for your retirement.
If you're retiring or changing jobs and planning on directly rolling over your qualified pension plan into an IRA on a temporary basis, the Conduit IRA may be a solution. If your current IRA is composed entirely of one or more rollovers from a qualified pension plan, it can be rolled back into a qualified pension plan with Fresno County Federal Credit Union's Conduit IRA. Open a Conduit IRA with a zero balance and FCFCU will handle the Direct Rollover request from your employer.
Roth IRA contributions are nondeductible and taxed in the year they are earned. If you expect to be in a higher or equivalent tax bracket when you retire, you may benefit more from a Roth IRA. Contributions made to a Roth IRA are not tax deductible, but the funds in your Roth IRA, plus earnings can be withdrawn tax-free, though you must conform to the plan provisions to get the tax-free advantage. You're not required to begin taking distributions at age 70 1/2.
This account can be established to help pay for your child's higher education expense. Though contributions are not deductible, distributions from an Educational IRA are penalty free and tax-free if used for qualified higher education expenses.
We can help you with your retirement options, whatever they may be. Visit a branch representative or the LPL Financial representative to help with all your retirement needs. And remember:
- We offer IRA terms from three months to two years
- Ask about our Money Market IRA
- IRA accounts are subject to penalties upon early withdrawal. Click to see the FCFCU Truth-in-Savings Disclosure for details.
- Always consult with your financial and tax advisor to open the IRA that best suits your financial needs.
* New IRS roller rule: Effective January 1, 2015, an IRA owner may complete only one IRA to IRA rollover per social security number in any 12-month period, regardless of the number and type of IRAs owned by the individual, and regardless of the financial institution. The rule change applies to all IRAs-Traditional, Roth, SIMPLE and Coverdell education savings accounts.