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Individual Retirement Accounts (IRAs)

IRAs are a great complement to your current retirement plan, such as a 401K or pension plan. You are eligible to contribute to an IRA if you have earned income.

  • Dividends are either tax deferred or non-taxed depending of the type of IRA you open and your income.
  • We offer an IRA Share Account that allows for payroll deduction. This account allows you to accumulate the funds needed to purchase an IRA Share Certificate. There is no minimum balance required and the minimum payroll deduction is $5.
  • An IRA Share Certificate Account requires a minimum balance of $500 with terms of 12 or 30 months.
  • Direct rollovers from qualified retirement plans are allowed into an IRA.

Contribution limits have increased in recent years. For tax years 2005 through 2007, the limit is $4,000 per year. In 2008, that limit will increase to $5,000 per year. If you’re 50 or older, you can contribute even more: an additional $500 a year through 2005 and another $1,000 each year thereafter.

Traditional IRAs
Whether you’re planning for your golden years or saving for your first home, an IRA Savings from National Geographic FCU is the smart way to save for your future. There are no minimum balances required to open an IRA Savings;** however, you must have earned income to qualify.* Our Traditional IRA has federal tax advantages that will help you accumulate your money faster. In some cases, deposits to this account may be tax deductible. (Consult your tax advisor for federal tax benefits.)

  • Both savings and certificate accounts are available
  • Earnings are tax deferred until withdrawn*
  • May be used for first-time home purchase or education*
  • Catch up contributions may be made for certain individuals*

Contact us to set up an IRA that meets your needs.

*Please consult your tax advisor who can evaluate your individual situation with regard to IRAs.
** Separately insured by NCUA up to $100,000.


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