HOLIDAY HOURS - Our branches will be closed on Monday, 1/17, in observance of Martin Luther King, Jr.'s Birthday. You may use Online or Mobile Banking, our 24-Hour Telephone Teller, or any SCCCU or CO-OP ATM (free of charge) to conduct most of your Credit Union business. 
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Individual Retirement Accounts (IRAs)

People fall into two camps with IRAs:

  1. They contribute regularly and rest easy knowing their retirement will be financially secure.
  2. They keep hearing about IRAs, know they need one, but haven't gotten around to it.

If you fall into category two, let SCCCU get you started on the track to financial security. Enjoy tax savings while retaining federal insurance when IRA funds are deposited with SCCCU.

Traditional vs. Roth IRAs

Traditional IRA

  • No income limits to open
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

Roth IRA

  • Adjusted gross income must be less than $122,000 to contribute ($179,000 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  • Principal contributions can be withdrawn without penalty*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 subject to penalty**
  • No mandatory distribution age

*Subject to some minimal conditions. Consult with a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.

IRA Details

What you need to know when opening an IRA at SCCCU.


  • Tax-advantaged retirement savings
  • Competitive dividends above standard savings rates
  • Traditional or Roth IRAs available
  • Funds can be used to purchase Share Certificates within IRA
  • Federally insured to $250,000 by NCUA


  • $5,000 contribution limit per year
  • $100 minimum deposit to open
  • Additional $1,000 "catch-up" contribution allowed for ages 50+