Individual Retirement Accounts (IRAs)
Retire in comfort with the help of a high-yield Credit Union Roth IRA—we offer competitive rate Traditional IRA and Roth IRA options so you can get the one that perfectly suits your lifestyle.
Open a credit union IRA or Roth IRA account and start down the road of retirement. Seasons Federal Credit Union gives you several attractive traditional and Roth IRA options. So when retirement rolls around, fishing on the river vs. relaxing at home won’t seem quite so daunting a decision.
Individual Retirement Account (IRA) 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 But, funds can be withdrawn tax-free once you reach a predetermined retirement age.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!
- 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
- 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- Principal contributions can be withdrawn without penalty*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
Answers to Your Questions
What is a Traditional IRA? How much to contribute? Deadlines, eligibility, and more!
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!
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 Account (ESA)
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.
Education Savings Account (ESA) 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.
Want to Learn More About Our IRA Options or Open an Account?
Make an appointment with our team in the branches!
Do you have questions about your account? Do you need to apply for a loan or a credit card?
If you schedule an appointment online, you can choose the time and date that works best for your schedule to come into a branch. You can avoid waiting in the lobby when you need financial help.