Ohio Catholic 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 Ohio Catholic FCU 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.

Ohio Catholic 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)

LEARN MORE

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.

GET STARTED NOW

Ohio Catholic 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

LEARN MORE

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.)

GET STARTED NOW