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An Individual Retirement Account (IRA) is a tax-advantaged account you can use to save for retirement outside of an employer-sponsored plan.

The tax benefit of a Roth IRA is that withdrawals you make in retirement are not taxed. It may be best for you if you expect to be in a higher tax bracket when you retire.1

For an IRA that offers you possible tax advantages now, consider a Traditional IRA.1

How it works

  • Make after-tax contributions up to $7,000 ($8,000 if you're over age 50).
  • Watch your savings grow tax-free.
  • Withdrawals can be made IRS penalty- and tax-free after five years and age 59½.
  • Make contributions until any age, as long as you have earned income.

How to qualify

  • You're 18 or older with earned income can make contributions.
  • If your modified adjusted gross income is less than $146,000 if single, or $230,000 if married filing jointly, you can contribute up to $7,000.
  • If your modified adjusted gross income is between $146,000 – $161,000 if single, or $230,000 – $240,000 if married filing jointly, you can contribute a reduced amount.
  • If your modified adjusted gross income is more than $161,000 if single, or $240,000 if married filing jointly, consider a Traditional IRA.


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  1. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Securities are offered through LPL Financial (LPL), a registered broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. SchoolsFirst Federal Credit Union and SchoolsFirst Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using SchoolsFirst Investment Services and may also be employees of SchoolsFirst Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, SchoolsFirst Federal Credit Union or SchoolsFirst Investment Services. Securities and insurance offered through LPL or its affiliates are:

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