IRAs
IRAs, or Individual Retirement Accounts, provide an excellent way for you to personally save for your retirement. We have no administration, transaction, or transfer fees on your IRA. And your funds are federally insured by NCUA. Yearly contributions may not exceed the set limits (see table below for current contribution limits). SCCU offers both Traditional IRAs and Roth IRAs.
With a Traditional IRA, the earnings grow tax-deferred until withdrawn, and your contributions may be tax-deductible.
With a Roth IRA, your regular contributions can be withdrawn penalty-free and tax-free at any time. You may withdraw early from a Roth IRA penalty-free for any of these reasons: age 59 ½, death, disability, or a first-time home purchase.
| Tax Year | Contribution Limit | Limit for those 50 and older ("catch-up") |
| 2008 | $5,000 | $6,000 |
| 2009 | $5,000 | $6,000 |
Click here for current IRA passbook rates and click here for current Share Certificate/IRA Certificate rates.
Have questions about IRAs? Call the member service representatives at any of our branches during business hours and get started! Click on the Locations and Hours tab above for a complete listing of branch offices and phone numbers.
