INDIVIDUAL RETIREMENT ACCOUNTS
SAN DIEGO FIREFIGHTERS FCU OFFERS TRADITIONAL AND ROTH IRAs
Earn more money for your retirement years! Our IRAs offer the flexibility of no minimum deposit and no limit on the number of contributions, while IRA term certificates of deposit enable you to lock in higher rates on larger deposits.* You can have one, or the other, or even both.
Choose from Traditional or Roth IRAs
Earn higher dividends and lock in your money for your retirement years
No minimum deposit to open
No minimum balance required
Dividends may be tax deferred or tax deductible. Consult your tax advisor
Make your contributions automatically through payroll deduction to your account
IRAs are insured separately by the NCUA up to $250,000**
WHICH IRA IS RIGHT FOR YOU?
This individual retirement account is for those who are looking for tax deferred growth potential, as IRA contributions may be tax deductible depending on your circumstances. Many people pay fewer taxes on these earnings because they move to a lower tax bracket after retirement.
Offers more flexibility than Traditional IRA around how and when money can be withdrawn. This individual retirement account has the same contribution limits as a Traditional IRA, but you don't have to be under 70½ years old to contribute. Contributions are not tax-deductible during the current tax year, but the earnings on your contributions are tax-deferred and may be tax-free if you wait to withdraw funds until you've had your Roth IRA for at least five years and you either reach the age of 59½, become disabled, or qualify as a first-time homebuyer.
What is the difference from a Traditional IRA and a ROTH IRA?
Traditional IRA contributions are tax-deductible on both state and federal tax returns for the year you make the contribution; withdrawals in retirement are taxed at ordinary income tax rates. Roth IRAs provide no tax break for contributions, but earnings and withdrawals are generally tax-free.
The main difference is when you pay income taxes on the money you put in the plans. With a Traditional IRA, you pay the taxes on the back end - that is, when you withdraw the money in retirement. Remember, in both Traditional and Roth IRAs, your money grows tax free while it's in the account.
*Early withdrawal penalties may apply when withdrawing funds before the maturity date.
**Certain restrictions apply.