OC Federal Credit Union OCFCU Banking IRA Happy Grandparents

IRAs

PLAN SECURELY FOR YOUR RETIREMENT

We offer excellent tools for retirement savings like Individual Retirement Arrangements (IRAs). You can even rollover or transfer funds from existing 401(k) or 403(b) accounts to your OC Federal Credit Union IRA or IRA Share Certificate account. Your retirement situation is unique, so we recommend you consult your own tax advisor or attorney before opening any retirement account.

4.00% APY^* 12 Month IRA Share Certificate Special!

Take advantage of this Great Rate with only $2,500 in new money required. Contact us for more information and to open your certificate today!

APY = Annual percentage yield. $2,500 minimum deposit of new money required to open account. The advertised rate is the maximum rate available for this term. Promotional rate is excluded from the Member Appreciation Program. Early withdrawals may have tax consequences, in addition to early withdrawal penalties or surrender charges. Consult a tax professional for more information. The certificate term is 12 months and will renew at the current 12 month certificate rate. Stated offer is valid beginning February 3, 2025 and can be modified or canceled at any time. Certain terms and conditions apply. Membership in the Credit Union is required. Insured by NCUA

OC Federal Credit Union OCFCU Banking IRA Happy Retired Woman

TRADITIONAL IRA

Provides the opportunity for your earnings to grow tax-deferred, but you will pay taxes when you take the money out during retirement, and penalties apply for early withdrawal.

To be eligible, you (or your spouse if filing a joint tax return) must earn compensation from employment (e.g., a paycheck).
If you are under age 50, you can contribute $7,000 annually.
If you are age 50 or older, you can contribute $8,000 annually.
You are still eligible to contribute to a Traditional IRA even if you contribute to an employer-sponsored plan like a 401(k) or 403(b)

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MAKING CONTRIBUTIONS

Contributions to a traditional IRA may be tax-deductible in the year you make them, depending on your income and participation in an employer-sponsored retirement plan, such as a 401(k). You can continue to contribute to these accounts as long as you have earned income (e.g., a paycheck).

TAX-DEFERRED SAVINGS

Your contributions and earnings grow tax-deferred, which means you won’t pay income taxes until you withdraw money from the account. Even if you aren’t eligible for a tax deduction, your savings will still be tax-deferred.

MAKING WITHDRAWALS

You’ll need to start distributions (withdrawals) by age 73. Any deductible contributions and earnings you withdraw or that are distributed from your traditional IRA are taxable.

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OC Federal Credit Union OCFCU Banking IRA Happy Retired Man

ROTH IRA

Provides the opportunity for your earnings to grow tax-free, but you will pay taxes on the money you contribute, and penalties apply for early withdrawal.

To be eligible, you (or your spouse if filing a joint tax return) must earn compensation from employment (e.g., a paycheck).
If you are under age 50, you can contribute $7,000 annually.
If you are age 50 or older, you can contribute $8,000 annually.
If you contribute to an employer-sponsored plan like a 401(k) or 403(b), you are still eligible to contribute to a Traditional IRA

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MAKING CONTRIBUTIONS

With a Roth IRA, your contributions aren’t tax-deductible. Contributions can be made as long as you have earned income (e.g., a paycheck).

TAX-DEFERRED SAVINGS

Roth IRAs allow for tax-free growth over your lifetime.

MAKING WITHDRAWALS

Withdrawals are tax-free, but subject to certain requirements. You must be at least age 59½ and have had your account for at least five years. (You can still make withdrawals if you don’t meet these requirements, but you may pay taxes and/or penalties.)

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