IRAs

Retire in comfort with the help of a high-yielding IRA—we offer competitive rate Traditional and Roth IRA options so you can get the one that perfectly suits your lifestyle. Open an IRA account and start down the road of retirement. Seasons Federal Credit Union gives you several attractive IRA options. So when retirement rolls around, fishing on the river vs. relaxing at home won’t seem quite so daunting a decision.

Benefits

  • Tax-advantaged retirement savings*
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase certificates within IRA
  • $50 minimum deposit to open is for IRA Share Accounts and Coverdell Education Share Accounts.
  • $25,000 minimum opening deposit for IRA Premium Money Market Accounts (Traditional and Roth).

*Consult a tax advisor.

Traditional vs. Roth IRA

Seasons Federal Credit Union offers both Traditional and Roth IRAs. What’s the difference?

A Traditional IRA is tax-deferred, meaning whatever you contribute is deductible form your annual income tax. With a Roth IRA, you still pay your annual income tax in full. But, funds can be withdrawn tax-free once you reach a predetermined retirement age. Consult a tax advisor to see which account could help you save!

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59 ½
  • Early withdrawals on dividends subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

eBrochures

Traditional IRAs
Answers to Your Questions

What is a Traditional IRA? How much to contribute? Deadlines, eligibility, and more!
Roth IRAs
Answers to Your Questions

What is a Roth IRA? How much can you contribute? Deadlines, eligibility, and more!
Roth IRA vs Traditional IRA
Exploring Your IRA Options

Can you contribute? Tax deductions, limits, benefits, withdrawal limitations, and more!

Roth IRA vs Traditional IRA
Taking a Closer Look at Eligibility
Wondering what the differences between Traditional and Roth IRA are?

Conversions
Moving Into a Roth IRA
Find out how conversions work to maximize your retirement savings with a Roth IRA
 

*Subject to some minimal conditions.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.


Coverdell Education Savings

Invest in your child’s education. A Coverdell Education Savings Account (ESA) is the perfect tool for saving money to pay for a child’s educational expenses – from kindergarten through college. A Coverdell ESA provides tax-free safe place to grow competitive dividends and also financial confidence for a new stage in life.

Benefits

  • No setup or annual fee
  • Dividends grow tax-free
  • Withdrawals are tax-free and penalty-free when used for qualified education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to a Coverdell ESA, certain income limits apply**
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 30***
  • The ESA may be transferred without penalty to another member of the family
  • $50 minimum deposit to open

*Qualified expenses include tuition and fees, books, supplies, room & board, etc.
**Consult your tax advisor to determine your contribution limit.
***Those earnings are subject to income tax and a 10% penalty.

eBrochures

Coverdell Education Savings Accounts
Answers to Your Questions
What is a Coverdell Education Savings account? How does it work? How to contribute and more!

Want to Learn More About Our IRA Options or Open an Account?

Call or stop by one of our branches to speak with a Universal Service Representative.

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