IRAs 

IRA Savings Account

 

 

  • Required to transact all savings account contributions, transfers and rollovers

  • Requires a $5 minimum contribution

Traditional

  • Earnings accumulate tax-deferred until withdrawal

  • Certain contributions may be tax-deductible (consult your tax advisor for qualified deductions)

Roth

  • Contributions are allowed at any age with earned compensation

  • Qualified distributions are tax-free (certain tax requirements apply)

  • Flexible withdrawal options are available

  • Members aged 59½ may make tax free withdrawals after a five year holding period

  • First-time homebuyers may withdraw funds tax free for home purchases after a five year holding period

  • No requirement for members aged 70½ to begin taking distributions

IRA Share Certificate

  • $500 minimum to open a certificate

  • Choice in terms (three months to five years)

  • Rates subject to change daily

  • Visit Sikorsky Credit Union's Retirement Central

Features of IRAs

  • Federally insured by NCUA

  • Regulated by the IRS

  • If you are under age 50, your annual contribution limit is $5,500

  • For those age 50 and older, your annual contribution limit is $6,500