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Open a New Account Check Application Status Apply for a Loan Apply for a MortgageBFSFCU wants to help you build your retirement income and help you realize your retirement goals and dreams. That is why we offer both Traditional and Roth Individual Retirement Account (IRA) Share Certificates (SC) and Savings Accounts.
With our IRA Savings Accounts, there is no minimum balance requirement for these accounts and you are free to make deposits to build your savings. We also offer a variety of terms on our IRA SCs — see our rates table at the bottom of this page.
Members who file U.S. income tax returns and have earned income may contribute to an Individual Retirement Account (IRA). Individual Retirement Accounts are insured by the NCUA for up to $250,000. IRA contributions may be tax-deductible depending upon:
Please consult your tax advisor for information on whether your IRA qualifies for a tax benefit.
Our WealthBuilder IRA Share Certificate is a fixed-rate, two-year time deposit account that combines competitive returns with the security of a guaranteed investment. Start with a $1,000 initial investment and add monthly contributions of at least $50, and watch how fast your retirement account grows.
Traditional IRAs are a great way to invest in your future. With a Traditional IRA, your retirement savings will grow tax deferred and your contributions may be tax deductible (please consult your tax advisor). You are eligible to open and contribute to a Traditional IRA if you or your spouse received taxable compensation during the tax year.
For 2022, you can contribute up to $6,000.00 to your Traditional IRA if you are under age 50 or up to $7,000.00 if you are age 50 or older. You may continue to make contributions for year 2022 until April 15, 2023.
You may contribute to your Traditional IRA in several ways:
With a Traditional IRA, your retirement savings will grow tax-deferred, and your contributions may be tax deductible. No monthly service charges or minimum balance requirements; however, penalties will apply if funds are withdrawn prior to the age of 59 ½. This penalty is separate from the penalty charged by BFSFCU for early withdrawals; please refer to the Truth-in-Savings disclosure. At age 72, you are required to take the minimum distribution.
With a Roth IRA, your retirement contributions will not be tax deductible; however, your future withdrawals will be tax-free. You are eligible to open and contribute to a Roth IRA if you received taxable compensation during the tax year. There is no age limit to opening a Roth IRA; however, there are limitations based on the modified Adjusted Gross Income (AGI) of you and your spouse.
For 2022, you can contribute up to $6,000.00 to your Traditional IRA if you are under age 50 or up to $7,000.00 if you are age 50 or older. You may continue to make contributions for year 2022 until April 15, 2023.
You may contribute to your Roth IRA in several ways:
With a Roth IRA, your retirement contributions will not be tax deductible; however, your future withdrawals will be tax-free. No monthly service charges or minimum balance requirements; however, penalties will apply if funds are withdrawn prior to the age of 59 ½ and 5-year Roth IRA holding period. This penalty is separate from the penalty charged by BFSFCU for early withdrawals; please refer to the Truth-in-Savings disclosure.