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IRAs

Plan for carefree retirement days with a tax-advantaged plan.

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Relax knowing your future is covered.
  1. Overview
  2. FAQs

Overview

An individual retirement account (IRA) is a great way to save for your retirement and reduce your tax bill.

New! IRA Money Market

With 1.25% APY1 for a balance of $1,000 or more in new money, an IRA Money Market is a great way to save for the future.

Plus, we’ll boost your retirement savings with a special cash bonus when you rollover or transfer existing retirement funds into your new account. You’ll earn:

  • $500 on deposits of $250,000+
  • $300 on deposits of $100,000+
  • $150 on deposits of $15,000+

Traditional IRA

Contributions to a traditional IRA are tax-deductible. Your earnings grow tax-deferred, so you will not pay income taxes on your investment earnings until you make withdrawals. Both deductible contributions and earnings are then taxed at your regular income tax rate when the money is withdrawn.

Benefits of a Traditional IRA:

  • Allows contributions (as long as you have earned income) up to age 70½
  • Requires distributions to begin by age 70½
  • Provides a current tax deduction for eligible participants
  • Allows investment earnings to grow tax-deferred

Roth IRA

Contributions to a Roth IRA are never tax-deductible, so they will always be tax-free upon distribution. Your earnings grow tax-deferred, so you will not pay income taxes on your investment earnings until you make withdrawals. If you take a “qualified distribution,” your earnings are tax-free.

Benefits of a Roth IRA:

  • Permits contributions as long as you have earned income
  • Does not require distributions to begin by a certain age
  • Can be passed along to heirs
  • Allows investment earnings to grow tax-deferred

 

For more information, see the IRA Frequently Asked Questions or contact an advisor. If you would like to manage your IRA, please visit Retirement Central.

Open an IRA!

1Offer valid for new IRA Money Market account opened and funded with new money. New money is defined as money not on deposit with BCU at or within 90 days prior to account opening. To receive $150 bonus, account must be funded with opening balance between $15,000-$99,999. To receive $300 bonus, account must be funded with opening balance between $100,000 to $249,999. To receive $500 bonus, account must be funded with opening balance of $250,000 or more. Limited to one offer per member. Bonus will be deposited to the new IRA Money Market within 30 days of the qualifying opening deposit. To earn the bonus your qualifying opening balance must remain on deposit for at least 6 consecutive months, otherwise BCU may rescind the cash bonus. Offer expires 12/31/2017. The IRA Money Market is a tiered rate account and the current Annual Percentage Rates (APYs) are found on the BCU rate sheets and Website. The APYs may change at any time. The IRA Money Market is not available in Puerto Rico.