Individual Retirement Accounts
Build a more secure retirement and take advantage of IRA tax benefits.
Why Save With SCCCU?
- Your IRA is federally insured separately up to $250,000 by the NCUA.
- You can earn a highly competitive rate on your savings with as little as $100.
- Your money stays in your community, which grows the local economy.
More Protection. More Earnings.
Our federally insured IRAs offer a convenient, low-risk way to build your retirement savings.
Features
Tax-deferred earnings help your savings grow faster
Traditional and Roth IRAs available
IRA funds can be used to purchase IRA Share Certificates with higher dividends and terms up to 60 months
IRAs are separately insured by the NCUA up to $250,000
Requirements
$100 minimum balance to open and earn dividends
For 2023, $6,500 annual contribution limit ($7,500 if age 50 or older)
Our federally insured IRAs offer a convenient, low-risk way to build your retirement savings.
Features
Tax-deferred earnings help your savings grow faster
Traditional and Roth IRAs available
IRA funds can be used to purchase IRA Share Certificates with higher dividends and terms up to 60 months
IRAs are separately insured by the NCUA up to $250,000
Requirements
$100 minimum balance to open and earn dividends
For 2023, $6,500 annual contribution limit ($7,500 if age 50 or older)
Traditional IRA
- No income limits to open
- Contributions are tax deductible*
- Earnings are tax deferred until withdrawal (when you are usually in a lower tax bracket)
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals begin at age 72
Roth IRA
- To make the maximum annual contribution, your modified adjusted gross income (MAGI) must be less than $125,000 ($198,000 for joint filers)
- Contributions are not tax deductible
- Earnings are 100% tax-free at withdrawal
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest are subject to penalty**
- No mandatory distribution age
*Subject to some minimal conditions. Consult with a tax advisor.
**Certain exceptions apply. For example, you may withdraw up to $10,000 without penalty to use for healthcare expenses, higher education, or purchasing your first home. See your tax advisor for advice.
| Term | Opening Balance | Dividend Rate | APY* |
|---|---|---|---|
| 6 months | $100 | 0.05% | 0.05% |
| 12 months | $100 | 0.15% | 0.15% |
| 18 months | $100 | 0.20% | 0.20% |
| 24 months | $100 | 0.25% | 0.25% |
| 36 months | $100 | 0.85% | 0.85% |
| 48 months | $100 | 1.00% | 1.00% |
| 60 months | $100 | 0.45% | 0.45% |
*APY= Annual Percentage Yield. There is an early withdrawal penalty on IRA accounts. The Dividend Rate and Annual Percentage Yield (APY) are subject to change at any time. The APY is based on the assumption that dividends will remain in the account until maturity. Any withdrawals, fees, or transfers reduce earnings and there may be penalties for early withdrawals. Please refer to our “Truth In Savings Disclosure” for specific details about any account. Federally insured by NCUA.
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