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Retirement

A Stamford Federal Credit Union Traditional IRA offers tax-advantaged retirement savings in which earnings accumulate tax–deferred and contributions may be fully or partially tax deductible. You can invest in a fixed-rate, fixed-term IRA Certificate or IRA Money Market account.

Eligibility

  • Contributor must be under 70½ and have earned taxable income for the year
  • Rollovers or transfers from other plans can be made even if the IRA owner is 70½ or older

Contribution Limits

  • $5,500 for the year 2015 or 100% of taxable compensation, whichever is less
  • No more than $5,500 total can be contributed to Traditional and Roth IRAs in 2015
  • For members 50 years or older, a $1,000 “catch-up contribution” is allowed for the year 2015
  • Eligibility and deduction limits may apply, based on your Adjusted Gross Income (AGI). Contact your tax advisor for details.

Withdrawal Guidelines*

  • A contributor must begin to withdraw funds at age 70½
  • IRS penalty-free withdrawal events include:
    • Reaching 59½
    • Incurring a disability
    • Buying a first home ($10,000 lifetime cap)
    • Other qualifying expenses include education and medical needs

With a Stamford Federal Credit Union Roth IRA, you make after-tax contributions and your earnings accumulate tax-free. All qualified distributions are entirely tax-free, and there's no age limit. You can contribute as long as you have earned income and meet Adjusted Gross Income (AGI) requirements. Choose a fixed-rate, fixed-term IRA Certificate IRA or an IRA Money Market Account.

Contribution Limits

  • $5,500 for the year 2015 or 100% of taxable compensation, whichever is less.
  • No more than $5,500 total can be contributed to Traditional and Roth IRAs in 2015.
  • For members 50 years or older, a $1,000 “catch-up contribution” is allowed for the year 2015.
  • Eligibility and deduction limits may apply, based on your Adjusted Gross Income (AGI). Contact your tax advisor for details.

Withdrawal Guidelines*

  • No minimum distributions are required at age 70½. You can leave the account intact for heirs. It will continue to grow tax-free.
  • IRS penalty-free withdrawal for amounts withdrawn after 5 years if one of the following occurs:
    • Reach the age of 59½
    • Buying a first home ($10,000 lifetime cap)
    • Disability
    • Death

Open an IRA   Make a Contribution   Make a Withdrawal

*Some withdrawals from Traditional or Roth IRAs may be subject to additional penalties if they are taken improperly or at the wrong time. Please consult your tax adviser for additional information.