IRA Accounts

IRA Your Way To A Secure RetirementMembers 1st FCU of NJ IRA Accounts

Social Security and pension plans no longer can be relied on to provide all of the income you’ll need to retire. That’s why an Individual Retirement Account is so important.

Depending on which account you open, you can enjoy either tax free distributions when you retire or you can take advantage of yearly tax deductions, plus defer taxes on the interest your IRA account accumulates. If you open your account before the April 15th tax filing deadline, you can still enjoy the benefits for the previous tax year. Members 1st offers two types of IRAs, plus IRA Share Certificates (CDs).

You can contribute to either a Traditional IRA, a Roth IRA or both types of IRAs, up to the annual contribution limit. If you are age 50 or older, you can take advantage of the “catch up” provision and contribute even more. Check with your tax advisor.

Traditional IRA

With a traditional IRA, your contributions may be tax-deductible and you can grow your savings tax-deferred until you retire. When you do retire, your distributions are taxed based on your income level at the time.

  • You must be under age 70 ½ to be eligible for a Traditional IRA.
  • Non-working spouses can make fully deductible contributions to an IRA, even if their spouse participates in a retirement program, as long as their joint income does not exceed $150,000.
  • Before age 59 ½, you may be able to withdraw money without a penalty to purchase a first home (up to $10,000 maximum) or pay qualified costs of a higher education.
  • You can’t make contributions after the age of 70 ½.
  • Check with your tax advisor for current contribution limits

Roth IRA

The major advantages of a Roth IRA is that you pay taxes on your yearly contributions as regular income, but your account earnings and future withdrawals are tax free, plus you can continue to make contributions after age 70 ½ if you are employed.

  • Penalty free withdrawals after 5 years
  • Tax free earnings after age 59 ½
  • Contributions allowed after age 70 ½ when employed
  • No required distribution at age 70 ½ or in your lifetime
  • Tax-free if used for first home purchase (up to $10,000) or education
  • Tax-free if disabled or upon death
  • Check with your tax advisor for current contribution limits

Start Saving Today…

Don’t miss this opportunity to IRA your way to a secure retirement. For more information, call or stop by our Vineland, Woodstown, or Bridgeton credit union branch offices.

All credit union deposit accounts, including retirement accounts are insured by the NCUSIF* for up to $250,000. There are also steps you can take to have higher account balances that are also insured. We can show you how. Ask for the details.

IRA Accounts

APRAPYInfo and/or Terms
0.00%0.00%$0.00 – $99.00
0.25%0.251%$99.01 – $1,999.00
0.25%0.251%$1,999.01 – $4,999.00
0.25%0.251%$4,999.01 and over

* The NCUSIF is the National Credit Union Share Insurance Fund . It is a federally insured program governed by the NCUA (National Credit Union Administration).

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