Individual Retirement Accounts (IRA)

Individual Retirement Accounts (IRA)

If you don't have an IRA, you owe it to yourself and your financial future to start saving for retirement now. The future of Social Security is unknown, so it's best to be prepared and take care of yourself and your loved ones by opening an IRA with FCCU.

We offer savings & CD options that earn interest either tax-deferred or tax-free. Our experts will guide you toward the option that can best fit your short and long term needs. All are Insured by NCUA up to $250,000.

Traditional vs. Roth

Each of these IRAs features distinct tax advantages*. Compare them and consult a tax advisor to help you decide which one is right for you.


Traditional IRA


  • No income limits to open
  • No minimum contribution in any year
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

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  • Principal contributions can be withdrawn without penalty*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 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

For the latest rates, give us a call at 1-800-850-7676 or visit the branch nearest you.


*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

Coverdell Education IRA
  • Allows parents and students to save for education expenses
  • Distributions are tax-free as long as used for qualified education expenses
  • Maximum contributions of $2,000 a year to a beneficiary
  • Funds within the IRA must be distributed by the time the beneficiary reaches 30 years of age
  • Funds may be rolled over into another Coverdell Account for another family member meeting age requirements
SEP Plan
  • Self Employment Retirement Plan
  • May be established for a one-person business or by a business owner with employees
  • Contributions into a SEP are generally 100% tax-deductible
  • Interest-earned grows tax-deferred until distributions made
  • Distributions after age 59 1/2 are taxed as ordinary income
  • At age 70 1/2, distributions are required