It's your retirement. Make it the one you've dreamed about by setting aside for it early. At Atlantic Financial FCU we offer two IRA options — a traditional and Roth account — each with different associated tax advantages.*
Take advantage of dividends above standard savings and no setup or monthly maintenance fees. Relaxing fishing trips, seeing the worldâ€¦you may not be there yet, but it's never too early to start dreaming and planning for the possibilities.
- Competitive dividends above standard savings rates
- Traditional and Roth IRA options
- No setup fees
- No monthly or annual maintenance fees
- Annual contribution limits apply
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase share certificates or step-up certificates within IRA (one-year terms available)
- $100 minimum deposit to open
*Consult a tax advisor.
- Traditional vs Roth
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
- 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- Principal contributions can be withdrawn without penalty*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 dividends 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
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.