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Individual Retirement Account
Your retirement.
Your goals.
Your IRA.
Perks of the CEFCU IRA
- No maintenance or set up fees
- Online account management
- Personalized and local service
- IRA Certificates available for better growth!
Each journey to retirement is unique & we’d love to be a part of yours.
Interested in transferring or rolling over an IRA to CEFCU?
Features and Benefits
Traditional
Roth
Traditional
Roth
Eligibility
Anyone who has earned income
Anyone (any age) who earns less than the IRS-maximum
Traditional
Roth
Tax Deductible Contributions
Sometimes Footnote 1
Traditional
Roth
Income Limits
check Footnote 2
Traditional
Roth
Original contributions withdrawal
check Footnote 3
Traditional
Roth
Withdrawals
Taxable
Tax Free
Traditional
Roth
Qualified distributions
Any one of:
Age 59½, death, disability, first home purchase (up to $10,000), higher education, birth/adoption of a child (up to $5,000)
Age 59½, death, disability, first home purchase (up to $10,000), higher education, birth/adoption of a child (up to $5,000)
Account held 5 years AND any one of:
Age 59½, death, disability, first home purchase (up to $10,000), higher education, birth/adoption of a child (up to $5,000)
Age 59½, death, disability, first home purchase (up to $10,000), higher education, birth/adoption of a child (up to $5,000)
Traditional
Roth
Required distributions
Beginning the year you turn 73 Footnote 4
Traditional
Roth
Terms
1, 2, 3, 4, or 5 years
1, 2, 3, 4, or 5 years
Traditional
Roth
Minimum Deposit
Fixed term: $500
Daily account: $5
Daily account: $5
Fixed term: $500
Daily account: $5
Daily account: $5
There is a $7,000 maximum annual contribution limit, combined, between Roth and Traditional IRAs. If you’re over 50, ask your tax advisor about catch-up contributions. Footnote 5
Contribution Limits
IRA Contribution Limit Footnote 6
Catch-Up Contribution Footnote 5
IRA Contribution Limit Footnote 6
Catch-Up Contribution Footnote 5
2024 and 2025 tax year
$7,000
$1,000
Contribution Deadline: You have until the tax-filing deadline (generally April 15) of the following year to make allowable contributions.
Manage your IRA and IRA Certificate on the go with CEFCU On-Line® & Mobile Banking:
- Make contributions
- View previous and current year-to-date contribution amount
- Set up future maturity instructions
- Select new terms
- Partial & full withdrawal from IRC to IRA Daily account
- View beneficiaries