Individual Retirement Accounts (IRAs) help you pave the way to retirement while potentially gaining tax advantages. Informational brochures are available in our branches or can be mailed to you upon request.

Roth IRA

The Taxpayer Relief Act of 1997 introduced the Roth IRA with its after-tax contributions. It has more generous withdrawal conditions and is an attractive alternative to the traditional IRA.

  • The maximum contribution for 2016 is $5,500 per year for individuals younger than 50.  Contributions are not tax deductible
  • Members aged 50 and older may contribute an extra $1,000 per year
  • Withdrawals are tax-free after age 59 ½ or for first-time homebuyers if the IRA has been open for 5 years
  • Income limitations apply
  • You may make contributions from earned income after age 70 ½
  • Mandatory distributions are not required
  • Traditional IRAs can be converted into Roth IRAs

Traditional IRA

  • Contributions may be fully tax deductible up to $5,500 per year per individual
  • Members aged 50 and older may contribute an extra $1,000 per year
  • Earnings grow tax deferred and withdrawals are taxed as normal income
  • Withdraw funds at age 59½ (and older) without IRS penalties
  • Withdrawing before age 59½ may be subject to income or penalty tax.  Please consult with your tax adviser

Eligibility and contribution requirements for IRA's change frequently, so we encourage you to check with an ATFCU Member Services Representative for the most up to date information on your retirement planning options. For complex situations, please ask for one of our certified IRA specialists.

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