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WHAT OUR MEMBERS SAY
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“I recently rolled my 403(b) retirement plan to SchoolsFirst FCU. I love being able to log in to see my account grow.”

- Tracy F.
Member Since 2002

 

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Traditional IRA
Traditional IRA
 

Members under the age of 70½ who have earned income and would like to defer taxes on retirement funds should consider the Traditional Individual Retirement Account (IRA).

Open an IRA online

Regardless of income or participation in other pension plans, taxes on Traditional IRA earnings are deferred until you withdraw the money, usually during retirement when you will most likely be in a lower tax bracket.1


Features

  • Contributions, up to $6,000 per year.
  • Individuals age 50 years or older may contribute an additional $1,000 under a catch-up provision.
  • Annual contributions to all your IRAs combined (traditional or Roth) cannot exceed your annual earned income or the annual limit set by the IRS per individual, whichever is less.
  • Minimum opening deposit is $500 on IRA Share Certificates and $10 on Accumulation IRA.

 

Tax Considerations

  • For single taxpayers covered by a workplace retirement plan, the phase-out range is $64,000 to $74,000.
  • For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $103,000 to $123,000.
  • For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $193,000 and $203,000.
  • For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is $0 to $10,000.

 

Visit the IRS website to learn more about investing in a Traditional IRA.


 

You can maximize your tax savings by selecting the IRA that is right for you.1 As with any retirement plan, we encourage you to discuss your needs with one of our financial advisors.

Open an IRA

Online

Open an IRA in Online Banking

 

Call

Call 

 

800.462.8328 ext. 4116

Monday through Friday, 9 a.m. to 5 p.m.

 

Email

 

Send an email to investments@schoolsfirstfcu.org

 

Branch

Visit

 

Any SchoolsFirst FCU branch

 
Check the background of our investment professionals on FINRA's BrokerCheck

 

 

 

Disclosures

1Please consult a qualified tax professional for tax advice on your specific circumstances.

 

Retirement planning advisors and services provided as a benefit to SchoolsFirst FCU Members by SchoolsFirst Plan Administration, LLC, a wholly-owned affiliate of SchoolsFirst FCU. Securities sold, advisory services are offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with SchoolsFirst FCU, through the financial services program, to make securities available to Members. Not NCUA/NCUSIF/FDIC insured, may lose value, no financial institution guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty states of the United States of America.

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