Individual Retirement Accounts (IRAs)

Turn your retirement dreams into reality. Start saving up for your permanent vacation, one tax-advantaged* contribution at a time.

INDIVIDUAL RETIREMENT ACCOUNTS

Plan for Retirement With Confidence and Tax Advantages

Turn your retirement dreams into reality with an IRA from Singing River Federal Credit Union. Our partnership with Element Wealth allows our members to choose from Traditional or Roth options and take advantage of competitive dividends, tax benefits¹, and flexible savings features—all with no setup or maintenance fees.

THE SRFCU DIFFERENCE

IRA Account Highlights

  • Save for retirement with potential tax advantages¹

  • Competitive dividends above standard savings rates

  • Choose from Traditional or Roth IRA options

  • No setup fees

  • No monthly or annual maintenance fees

  • Annual contribution limits apply (see current limits; $6,000 as of 2020)

  • Additional $1,000 “catch-up” contribution for ages 50+

  • Funds can be used to purchase CDs within your IRA

  • No minimum deposit to open

Clear Rates. Real Savings.

Current IRA Savings Account Rates

Dividend Rate

APY

COMPARE ACCOUNTS

Traditional vs. Roth IRAs

There are advantages to both Traditional and Roth IRAs. The biggest difference is when you see the tax benefits:

  • A Traditional IRA offers potential tax relief today.

  • A Roth IRA offers the greatest benefit at retirement.

Traditional IRA

  • No income limits to open

  • No minimum contribution requirement

  • Contributions may be tax deductible on state and federal income tax¹

  • Earnings are tax deferred until withdrawal (when usually in a lower tax bracket)

  • Withdrawals can begin at age 59½

  • Early withdrawals subject to penalty³

  • Mandatory withdrawals at age 70½

Roth IRA

  • Income limits apply to be eligible to open a Roth IRA

  • Contributions are NOT tax deductible

  • Earnings are 100% tax free at withdrawal²

  • Principal contributions can be withdrawn without penalty²

  • Withdrawals on interest can begin at age 59½

  • Early withdrawals on interest subject to penalty³

  • No mandatory distribution age

  • No age limit on making contributions as long as you have earned income

¹ Consult a tax advisor.
² Subject to some minimal conditions. Consult a tax advisor.
³ Certain exceptions apply, such as healthcare, purchasing your first home, etc.

Ready to get started?

Open an IRA designed to help you reach your retirement goals.