IRAs

An Individual Retirement Account (IRA) is a smart investment to prepare for your retirement. By savings funds in an IRA, you can enjoy tax-deferred advantages on your earnings. We offer

• Traditional IRAs
• Roth IRAs
• Coverdell Education Savings Accounts (ESAs)

The maximum amount you can contribute for the tax year 2013 is $5,500 (or your total earned compensation, whichever is less). If you are 50 years of age or older, you can contribute an additional $1,000 as a “catch-up” contribution, for a total of $6,500.

• If you contribute to a Traditional IRA and meet certain income requirements, the full amount of your annual contribution can be deductible from your taxes.
• Contributions to a Roth IRA are not tax deductible; however, if you meet all the eligibility requirements, your Roth IRA distribution can be tax-free.
• SJFCU also offers Coverdell Education Savings Accounts (ESAs) to members. Coverdell ESAs are investment accounts designated for education expenses.

Your credit union pays a higher rate than most other institutions, without locking you into long term certificates. It makes good sense to consider an IRA Rollover or Direct Transfer to convert to an SJFCU IRA – and start earning more.

Your SJFCU IRA funds are secure. Credit union deposits are insured up to $500,000 by a combination of insurance offered by the National Credit Union Share Insurance Fund (NCUSIF) and private insurance provided by the Excess Share Insurance (ESI) Corporation.

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Deposit Insurance