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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.

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. 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.

  • This chart contains basic information. Please consult your tax attorney for detailed advice.

Roth IRA

  • Maximum annual contribution

    $6,000 per person. Members aged 50+ can contribute an extra $1,000 per year

  • Income Restrictions

    Single tax filers must have adjusted income of $124,000 to make a full contribution; the joint filer limit is $196,000.

  • 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 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 request one of our certified IRA specialists.  An IRA can be opened with a $100 minimum deposit.  Going forward, a $100 minimum balance keeps the account active.

See today’s rates

IRAs

Savings Type

Min. to Open

Dividend Rate

APY*

Savings Type

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

Min. to Open

$0

Dividend Rate

0.10%

APY*

0.10%

Certificates of Deposit

Term

Min. to Open

Dividend Rate

APY*

Here are some disclosures

Term

3 Months

Min. to Open

$500

Dividend Rate

0.06%

APY*

0.06%

Term

6 Months 

Min. to Open

$500.

Dividend Rate

0.06% 

APY*

0.06%

Term

12 Month 

Min. to Open

$500

Dividend Rate

0.15% 

APY*

0.15%

Term

18 Month 

Min. to Open

$500

Dividend Rate

0.20% 

APY*

0.20%

Term

24 Month 

Min. to Open

$500

Dividend Rate

0.25% 

APY*

0.25%

Retirement 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. In 2020, both deadlines were extended until July 15th due to the coronavirus pandemic. At the current time, no announcements have been made about 2021 deadlines.

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.

Learn more about IRA Options

Visit a branch
Find additional information online
Get started with IRA’s
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(325) 677-2274 – call or text

(800) 677-6770 – calls only