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Saving for Retirement

Make a gift to your future self. Today’s a great day to start.

The future will be here faster than you think

Pave the way to retirement using an Individual Retirement Account. Abilene Teachers FCU provides Roth and Traditional IRA’s. An IRA can be funded using either cash or IRA Certificates of Deposit.

Compare your options

  • Maximum annual contribution

    Maximum annual contribution

  • Income Restrictions

    Income Restrictions

  • Tax Deductible in Year of Contribution?

    Tax Deductible in Year of Contribution?

  • Federal Income Tax Treatment of Earnings

    Federal Income Tax Treatment of Earnings

  • Distribution timing

    Distribution timing

  • Required Minimum Distributions

    Required Minimum Distributions

Traditional IRA

  • Maximum annual contribution

    $6,000 per person in 2022. In 2023, the limit has been increased to $6,500. Members aged 50+ can contribute an extra $1,000 per year

  • Income Restrictions

    None

  • Tax Deductible in Year of Contribution?

    Yes

  • Federal Income Tax Treatment of Earnings

    Earnings grow tax-deferred until distributions begin. Distributions are taxed as ordinary income.

  • Distribution timing

    Can be taken after age 59½ without tax penalty.

  • Required Minimum Distributions

    Must begin no later than April in the year you turn 72.

Roth IRA

  • Maximum annual contribution

    $6,000 per person. For 2023, the limit has been increased to $6,500. Members aged 50+ can contribute an extra $1,000 per year

  • Income Restrictions

    For the 2022 tax year, adjusted income levels for those wishing to make a full contribution is $129,000 for single filers and $204,000 for joint filers.

    In 2023, the adjusted income levels will be raised to $138,000 for single filers and $218,000 for couples filing jointly.

  • Tax Deductible in Year of Contribution?

    No

  • Federal Income Tax Treatment of Earnings

    Tax-free for qualified distributions

  • Distribution timing

    Tax-free if your initial contribution was made at least 5 years ago and you meet one of these conditions:

    • Your age is at least 59½
    • You’re disabled
    • You’re purchasing a first home

  • Required Minimum Distributions

    Distributions are not required.

Eligibility and contribution requirements for IRA’s change frequently, so you may wish to check annually for the most up to date information. For complex situations, please schedule a visit with one of our certified IRA specialists.

You can fund an IRA by using cash only or by investing in IRA Certificates.

  • If you choose the cash option, an IRA can be opened with a $100 minimum deposit.
  • For IRA Certificates, the minimum opening deposit is $500.
  • In the rate tables below, you’ll see that that the interest rate paid on certificates is considerably higher than that paid on simple cash deposits.

See today’s rates

IRAs - Roth and Traditional

Savings Type

Min. to Open

Dividend Rate

APY*

Savings Type

Individual Retirement Accounts (IRAs) with Balance of $100+

Min. to Open

$25

Dividend Rate

.85%

APY*

0.85%
Certificates of Deposit & IRA Certificates

Term

Min. to Open

Dividend Rate

APY*

Term

3 Months

Min. to Open

$500

Dividend Rate

2.35%

APY*

2.38%

Term

6 Months 

Min. to Open

$500.

Dividend Rate

2.45% 

APY*

2.48%

Term

12 Month 

Min. to Open

$500

Dividend Rate

3.00%

APY*

3.04%

Term

15 Month Special

Min. to Open

$500

Dividend Rate

3.50%

APY*

3.56%

Term

17 Month Special

Min. to Open

$500

Dividend Rate

4.55%

APY*

4.65%

Term

18 Month 

Min. to Open

$500

Dividend Rate

2.65%

APY*

2.68%

Term

24 Month 

Min. to Open

$500

Dividend Rate

2.75%

APY*

2.78%
SEE ALL RATES

Retirement Calculators

See all Calculators

Frequently Asked Questions about IRAs

Not at this time. There are many considerations and tax implications associated with IRA’s and we believe that a personal conversation is important.

The normal contribution deadline is April 15 – the same day that your income tax return is filed. During the pandemic, deadlines in 2020 and 2021 were extended until June 15.

You can designate in your will who will receive the funds in your IRA. This beneficiary can be a person or organization. If no beneficiary is named, the IRA generally becomes part of your estate and will be distributed as your executor specifies.

There is no minimum age limit. But you must have taxable income that equals or is greater than that amount of your IRA contribution. Taxable income includes wages and self-employment income.

See All Savings FAQs

Learn more about IRA Options

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(325) 677-2274 – call or text

(800) 677-6770 – calls only