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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 Savings Certificates.
Compare your options
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Maximum annual contribution
Maximum annual contribution
-
Income Restrictions
Income Restrictions
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Tax Deductible in Year of Contribution?
Tax Deductible in Year of Contribution?
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Federal Income Tax Treatment of Earnings
Federal Income Tax Treatment of Earnings
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Distribution timing
Distribution timing
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Required Minimum Distributions
Required Minimum Distributions
Traditional IRA
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Maximum annual contribution
2024 - $7,000 for those under 50 and $8,000 for those age 50 and older.
2025 - Will be updated when figures are released.
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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.
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Distribution timing
Can be taken after age 59½ without tax penalty.
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Required Minimum Distributions
Must begin no later than April in the year you turn 72.
Roth IRA
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Maximum annual contribution
2024 - $7,000 for those under 50 and $8,000 for those age 50 and older.
2025 - Will be updated when figures are released.
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Income Restrictions
For the 2024 tax year, the adjusted income levels are $146,000 for single filers and $230,000 for couples filing jointly.
2025 - will be updated when figures are released
-
Tax Deductible in Year of Contribution?
No
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Federal Income Tax Treatment of Earnings
Tax-free for qualified distributions
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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
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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
|
Savings Type |
Dividend Rate |
APY* |
|---|---|---|
|
Savings Type Individual Retirement Accounts (IRAs) with Balance of $0 to $24.99 |
Dividend Rate 0.20% |
APY* 0.20% |
|
Savings Type Individual Retirement Accounts (IRAs) with Balance of $25 to $99.99 |
Dividend Rate 0.50% |
APY* 0.50% |
|
Savings Type Individual Retirement Accounts (IRAs) with Balance of $100 - $999.99 |
Dividend Rate 0.60% |
APY* 0.60% |
|
Savings Type Individual Retirement Accounts (IRAs) with Balance of $1,000 - $9,999.99 |
Dividend Rate 1.00% |
APY* 1.00% |
|
Savings Type Individual Retirement Accounts (IRAs) with Balance of $10,000 and Up |
Dividend Rate 1.25% |
APY* 1.26% |
|
Term |
Min. to Open |
Dividend Rate |
APY* |
|---|---|---|---|
|
Term 3 Months |
Min. to Open $500 |
Dividend Rate 3.10% |
APY* 3.14% |
|
Term 6 Months |
Min. to Open $500 |
Dividend Rate 3.15% |
APY* 3.20% |
|
Term 12 Months |
Min. to Open $500 |
Dividend Rate 3.20% |
APY* 3.25% |
|
Term 18 Months |
Min. to Open $500 |
Dividend Rate 3.25% |
APY* 3.30% |
|
Term 24 Months |
Min. to Open $500 |
Dividend Rate 3.30% |
APY* 3.35% |
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.
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
Please visit our branch at 3849 Antilley Road
(325) 677-2274 – call or text
(800) 677-6770 – calls only