Individual Retirement Accounts (IRAs)

IRA's are not just for retirement anymore.  We have several options to fit your needs.  These new IRA's will change the way you save for retirement as well as your children's education.

Traditional IRA

  • No income limits to open
  • No minimum contribution in any year
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal*
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.

Roth IRA

  • Income limitations apply
  • Contributions are NOT tax deductible
  • Earnings are 100% tax-free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.

IRA Certificates
IRA Certificates are available in terms ranging from 12-60 months, and are a great savings tool for earning higher dividend rates. Upon maturity of your certificate, we will deposit the funds directly into your Individual Retirement Account. IRA Certificate rates are the same as Standard Certificate rates which can be found in the link below. Contact the credit union for more information regarding IRA Certificates.

Coverdell Education Savings Account

  • Set up to pay qualified education expenses for a designated beneficiary*
  • Contributions are not tax deductible*
  • Deposits grow tax free until distributed*

*Subject to some minimal conditions. Consult a tax advisor.

In addition to Traditional and Roth IRAs, PAFCU Coverdell Education Savings Accounts. For more information concerning your ability to open an IRA, please contact Member Services today.

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