What is an IRA?
An IRA is an Individual Retirement Account. A traditional IRA is a type of retirement plan that has been in existence since 1975. Traditional IRAs offer tax-deferred earnings and the possibility for tax-deductible contributions. An IRA is a balanced, long-term savings plan. Penalities apply when the investment is withdrawn prior to the IRA's maturity date.
Are there limits to how much I can contribute to an IRA in a year?
Yes. Speak to member service for information on annual contribution limits. These limits are determined based on your age and other tax-filing information.
Are a Traditional and a Roth IRA the same thing?
No. Contributions to a Roth IRA is never tax-deductible. However, the money in a Roth IRA, including earnings, can be withdrawn tax-free. Please conform to the plan provisions in order to get this tax-free advantage.
Does ArrowPointe FCU offer IRA accounts?
Yes!. Please speak with any of our member service representatives for further information pertaining to the type of IRA accounts we have available.
If you are in need of general IRA information, please ask for an IRA brochure. These brochures are available in the office lobby and contain valuable insight on frequently asked questions for both Roth and Traditional IRA accounts. If you prefer, we can even mail you a copy of our valuable IRA brochure. Simply call (Patriots Center office) 803.366.6148 or (Fort Mill office) 803.548.9270 or toll free at 877.366.6148.