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IRAs

The earlier you start saving for retirement, the better. Get started today with just $5 and a CEFCU IRA.

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There is a $6,000 maximum annual contribution limit, combined, between Roth and Traditional IRAs. If you’re over 50, ask your tax advisor about catch-up contributions.5

 

Contribution Limits

 

Contribution Deadline: You have until the tax-filing deadline (generally April 15) of the following year to make allowable contributions.

Features & Benefits

Online Banking

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Mobile App

Access your accounts with your smartphone or tablet.

eStatements

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Direct Deposit

Save time and enjoy faster access to your money.

IRA Service Center

Learn more about IRAs and retirement.

CEFCU IRAs are Federally Insured up to $250,000 by the National Credit Union Administration (NCUA). This is in addition to the federal insurance on your other CEFCU accounts.

  1. The deduction available to active participants in employer-sponsored retirement plans is phased out on a sliding scale for individual taxpayers with modified adjusted gross income between $65,000-$75,000, and for joint filers with modified adjusted gross income between $104,000-$124,000 for 2020. Ask your tax advisor for more information.
  2. The contribution is phased out on a sliding scale for individual taxpayers with modified adjusted gross income between $124,000-$139,000, and joint filers with modified adjusted gross income between $196,000-$206,000 for 2020.
  3. May be subject to a CEFCU withdrawal penalty based on the terms of the IRA.
  4. You must take your first required minimum distribution for the year in which you turn age 72. However, the first payment can be delayed until April 1 of the year following the year in which you turn 72. For all subsequent years, including the year in which you were paid the first RMD by April 1, you must take the RMD by December 31 of the year.
  5. IRA holders who will be age 50 can make an additional catch-up contribution for the tax year in which they attain age 50 and any year thereafter. The maximum contribution a person age 50 or older may make for the 2020 tax year is $7,000.
  6. IRA contributions are an aggregate total of Traditional and Roth IRA contributions.