| IRAs
(Individual Retirement Accounts) are tax-deferred savings
accounts. This means that the interest you earn is not
taxed until you withdraw it. This has two important
benefits: First, you save money because you don't pay
taxes on dividends earned over the life of the account.
Second, your deposits may be tax-deductible. Consult
your standard disclosure for full details on the IRA
certificate.
Working
individuals with a non-income earning spouse may contribute
up to $5,000 per year or $6,000 per year for individuals over 50. Funds may not be
withdrawn without penalty prior to age 591/2. Initial distribution
is required by age 701/2, at which point
no further contributions are allowed. There are even
special cases where early withdrawals are allowed for
such things as education expenses or first time home
purchases. It's a win-win proposition for you!
See our most recent
Deposit Rates.
Other
types of IRA Certificates offered by Fitzsimons Community
Federal Credit Union include:
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