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Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)


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 world…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.

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  • Principal contributions can be withdrawn without penalty*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 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.

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