Retirement Accounts (IRAs)
Looking ahead and into the future can be exciting and a little scary, particularly when we don’t always know what the future holds. Here are a couple of tools to take some of the doubt away and put the excitement back in!
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First, think about what type of IRA might be the right one for you. Then you can choose the appropriate Tampa Bay Federal IRA account to save for what lies ahead. Most of all, enjoy the ride!!
Types of IRAs
|Traditional IRA Account||
|What Are Your Future Plans?||I need all the tax advantages I can get now, don't really have plans for retirement, just know I should be doing something.||I'm on the downhill slide now and will need more access than tax advantages in 60 to 10 years. I can almost see it!||I'm interested in helping my children prepare for their future - college is a lot closer than my retirement!|
|Annual Contribution||$5,000 or 100% of earned income (whichever is less)*||$5,000 or 100% of earned income (whichever is less)*||$2,000|
|Tax-Deductible Contribution||Within qualifications||None||None|
|Distributions; Required Minimum Distributions||59 1/2; mandatory at 70 1/2||5 years after holding period and 59 1/2||by 30|
|Earnings||Tax Deferred||Tax Deferred||Tax Deferred|
|IRA Savings||IRA Certificates||IRA Transfers||IRA Rollovers|
|Most appropriate for...||Just getting started... thinking about a systematic savings plan.||Starting to see savings grow and want to take advantage of higher tax returns.||Moving a Roth IRA that would perform much better at TBF than where it is.||Rolling over a previous employer's plan to TBF.|
|Considerations||Automatic transfer, payroll deduction for any amount.||Starting at $500.||Directly from one financial institution to another; unlimited number.||Funds are released to you and deposited within 60 days; 1 rollover per 12 months.|
* Members over 50 years old may make additional catch up contributions for the taxable year. Ask a Credit Union Service Associate for more details.
Open An Account
Get started today by visiting any branch location or calling us at 813-247-4414.