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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 Traditional IRA is your contributions are deductible each year you make them.1 It may be best for you if you expect to be in a lower tax bracket in retirement.

For an IRA that instead defers tax advantages to your retirement, consider a Roth IRA.2

How it works

  • Make contributions up to $7,000 ($8,000 if you're over age 50).
  • Enjoy possible tax benefits by deducting your contributions.1
  • Watch your savings grow tax-deferred.
  • Make IRS penalty-free withdrawals after age 59½; they'll be taxed as income at your then-current tax rate.
  • Withdrawals taken before age 59½ are generally subject to an IRS penalty.
  • Begin taking your required minimum distributions no later than April 1 following the calendar year in which you turned 73. You must take your first required minimum distribution upon turning age 73 (72 if you turned 72 before Jan. 1, 2024).

How to qualify

  • Anyone with earned income can make contributions.
  • Tax-deductibility is subject to income limitations if you already participate in an employer-sponsored plan.
  • If your adjusted gross income is less than $161,000 if single, or $240,000 if married, consider a Roth IRA.


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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 SchoolFirst 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:

Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value

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  1. Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59½ may result in a 10% IRS penalty tax in addition to current income tax.
  2. 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.