Traditional IRAs from Fibre Federal Credit Union offer flexible, tax-advantaged retirement savings options.
Your money can grow over the long term without yearly taxes on earnings. You can contribute up to the annual IRS limit and enjoy immediate tax deductions on those contributions.
You must take the required minimum distributions each year starting at age 73. Qualified withdrawals after age 59-1/2 are not subject to IRS penalties.
Several terms and conditions apply to maintaining and withdrawing from a Traditional IRA.
Other features include:
Distributions—Withdrawals may incur income taxes after age 59 ½.
Federal Insurance—IRA deposits insured up to $250,000 by the NCUA.
No Income Limits—You can contribute regardless of your annual income level. Must be earned income to be eligible.
No Annual Fees—No annual account fees—save for retirement affordably.
Competitive Dividends—Make your money grow faster.
Contribution limits—As of 2023, contribute up to $6,500 yearly, or $7,500 if you are 50 or older.
Future Potential Tax Benefits—Best for those forecasting equal or lesser income later in life.
Early Withdrawal Fees—May be subject to IRS early withdrawal penalties for disbursements taken under age 59 ½.