Individual Retirement Accounts |
Individual Retirement Accounts (IRAs) are tax deferred and potentially tax free earning accounts designed to help save for retirement. We offer several options, including Traditional and Roth IRAs. |
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| Traditional IRA |
| For anyone under age 70 1/2 who has earned income or files jointly with a spouse who has earned income. |
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| Tax Benefits |
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All earnings are tax deferred. |
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Possible tax deductions. |
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Taxable distributions are penalty free for a first time home purchase*, qualified education expenses and unreimbursed medical costs. |
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| Roth IRA |
| For anyone who has earned income or a files jointly with a spouse who has earned income with the following modified adjusted gross income: |
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Up to $105,000 for single filers.** |
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Up to $167,000 for joint filers.** |
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| Tax Benefits |
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Earnings are tax free and penalty free if the account is open for five years. Additional exceptions include qualified first time home purchase*, age 59 1/2, disability, or death. |
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Not required to start withdrawals at age 70 1/2. |
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*Lifetime limit for a first time home purchase exception is $10,000 per person.
**Reduced contributions for higher incomes. |
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| Retirement Calculator |
| Which is better for you? A Traditional or Roth IRA. Use our Retirement Calculator. |
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| Open an IRA |
| If you are currently a First Credit Union member and would like to add an IRA: |
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Visit any branch or call 480-831-2645, toll free 800-732-6986 to receive and complete your IRA application. |
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Provide a $25 opening fee. |
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| How to Join First Credit Union |
| You may submit an online application or complete a printed application and take or mail it to the nearest First Credit Union branch. With your application you must: |
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Include a minimum $5 deposit. Provide a copy of your driver's license and a secondary form of identification. |
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You may also open your account by arranging for a payroll deduction, net pay deposit, or a direct deposit through your payroll department. |
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