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
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Contributor must be under 70½ and have earned taxable income for the year
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Rollovers or transfers from other plans can be made even if the IRA owner is 70½ or older
Contribution Limits
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$5,500 for the year 2018 or 100% of taxable compensation if your compensation was less than dollar limit
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No more than $5,500 total can be contributed to Traditional and Roth IRAs in 2018
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For members 50 years or older, a $1,000 “catch-up contribution” is allowed for the year 2018
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Eligibility and deduction limits may apply, based on your Adjusted Gross Income (AGI). Contact your tax advisor for details.
Withdrawal Guidelines*
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A contributor must begin to withdraw funds at age 70½
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IRS penalty-free withdrawal events include:
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Reaching 59½
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Incurring a disability
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Buying a first home ($10,000 lifetime cap)
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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
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$5,500 for the year 2015 or 100% of taxable compensation, whichever is less.
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No more than $5,500 total can be contributed to Traditional and Roth IRAs in 2015.
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For members 50 years or older, a $1,000 “catch-up contribution” is allowed for the year 2015.
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Eligibility and deduction limits may apply, based on your Adjusted Gross Income (AGI). Contact your tax advisor for details.
Withdrawal Guidelines*
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No minimum distributions are required at age 70½. You can leave the account intact for heirs. It will continue to grow tax-free.
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IRS penalty-free withdrawal for amounts withdrawn after 5 years if one of the following occurs:
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Reach the age of 59½
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Buying a first home ($10,000 lifetime cap)
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Disability
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Death