IRA

Be A Worry-Free Retiree.

Prepare for retirement with a Central Florida Postal Credit Union IRA.

Woman Holding Piggy Bank

Whether making individual contributions or SEP contributions, we offer competitive rates and flexible terms.  And, there are no annual maintenance fees.

IRA Information

An Individual Retirement Account (IRA) is a smart wealth-building opportunity, allowing you to save money with tax-deferred or tax-free advantages, so you will have a substantial nest egg to rely on in the future.

What are the benefits of saving with a CFPCU IRA?

  • Monthly deposit amounts are flexible and contributions are not mandatory
  • Choose from Traditional or Roth
  • Contribute a maximum each year (double if you and your spouse file jointly), with higher allowable contributions over certain age limits¹
  • Competitive Rates
  • Earnings are tax-free and offers other valuable tax benefits²
  • IRA accounts are federally insured up to $250,000 by the NCUA

 

 
IRA Savings Account
IRA Certificate of Deposit
Account Description
The IRA Savings Account offers liquidity and flexibility. You can make additional deposits whenever you'd like and for any amount.
Fixed rate, fixed term IRA accounts.  Automatically renew at maturity for a matching term at the current rate offered.
Dividend Rate

Rates

Rates

Minimum Opening Deposit
$5
$500
IRA Type Available

Traditional, Roth

Learn More
For more details about the different IRA Accounts or to open an account contact your local Branch Manager
 

Traditional IRA

  • Your earnings grow tax deferred, so you won’t owe income taxes until you make withdrawals.
  • Contributions are tax deductible¹.
  • Age requirement to make contributions, currently 70½ If you are not covered by an employer-sponsored retirement plan there are no income restrictions.

Contribution Amounts

  • For tax year 2014 and 2015, you can contribute up to $5,000 to a traditional IRA. And if you’re age 50 or older in each of these years, you can make an extra $1,000 catch-up contribution.  
  • If you’re a single taxpayer and you’re covered by an employer-sponsored retirement plan, or you’re a married taxpayer and either you or your spouse is covered by an employer plan, your eligibility depends on your modified adjusted gross income².

Roth IRA

  • Earnings in a Roth IRA grow tax free and are also tax free when you make qualified withdrawals.
  • Roth IRAs offer more flexible withdrawal rules.
  • Early distribution penalties may be waived for medical, first time home buying and college expenses.
  • As long as you meet the Modified Adjusted Gross Income (MAGI) limits, and as long as you're working and have earned income, you can make contributions to a Roth IRA, even after turning age 70½.
  • Roth IRAs do not require you to take required minimum distributions when you turn age 70½/
  • Participation in an employer-sponsored retirement plan does not affect your Roth IRA eligibility.

Contribution Amounts

  • Contribute up to $5,000 to a Roth IRA. If you’re age 50 or older in each tax year, you can make an extra $1,000 catch-up contribution.
  • Contributions for the 2013 tax year end on April 15, 2014.
  • For the 2014 tax year make contributions anytime between January 1, 2014 and April 15, 2015

Join Central Florida Postal Credit Union

Add savings to your savings. Receive unmatched value and open a savings account with us today.

 


1. Conditions vary by account type. Certain restrictions apply. Not all taxpayers are eligible. Maximum contributions are affected by income, marital and tax filing status.?

2. Consult your tax advisor.

View our fee schedule.