Individual Retirement Accounts (IRAs)

It's never too early to plan for your future with a SunState FCU Individual Retirement Account (IRA). Traditional IRAs still offer many taxpayers one of the best "shelters" for deferring taxes on some income. In addition, IRAs are an excellent savings tool for setting aside funds for your retirement years. IRAs give you the advantage of compounding, regularly adding earnings to your investment to make it grow.

SunState FCU offers competitive market rates on traditional and Roth IRAs. With a traditional IRA, taxes on earnings are deferred until funds are withdrawn, and you may even be able to deduct up to $4,000 per year from your gross annual earnings to save on your current income tax. Additionally any member aged 50 or older may make an additional $1,000 in "catch-up" contributions. Roth IRAs are funded with after-tax money, and provide tax-free earnings. Consult your tax-adviser to see if these accounts would be beneficial for you.

Traditional and Roth IRA funds may also be placed in any share certificate for a higher rate of return.

Make regular automatic payments to an IRA through payroll deduction for even more convenient savings. You may also benefit by making a direct transfer from an existing IRA or qualified pension plan.

IRAs are insured to $250,000 by the National Credit Union Administration (NCUA). With the recent government approved increase in deposit insurance, the federal government now insures your regular deposits and IRA deposits in SunState Federal Credit Union up to $250,000.

Start saving for your retirement today. Ask a member service representative about a SunState FCU individual retirement account.