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Individual Retirement Accounts

Traditional IRA
Peach State offers a share club IRA that pays a monthly dividend rate. Certificates are also available in terms from six to 60 months. A minimum of $1,000 is required to set up a share certificate and $250 for an IRA club.

Individual retirement accounts are a smart way to save for the future. A traditional IRA can be opened and funded without any employer participation. Contributions and/or earnings are tax-deferred until retirement. Unlike many employer plans, money in the account is always accessible; however, until age 59½ there is a 10% early distribution penalty unless you qualify for an exemption due to one of the following: disability, qualifying education expenses, unemployment, qualifying first-home purchases, death, or receipt of your IRA assets in equal payments over your life expectancy.

Roth IRA
Roth IRAs differ from Traditional IRAs in that the money you contribute to a Roth IRA has already been taxed, so the principal amount is never subject to taxes or penalties in the future, as long as you stay within the contribution guidelines. This retirement plan allows the money you contribute to grow tax-deferred. And unlike the Traditional IRA, there is no 70½ age limit on making contributions.

If you do not withdraw any of the earnings until you have had the plan for at least five years, or satisfy one of the qualifying events, those tax-deferred earnings become tax-free.

Advantage IRA Certificate
You can earn more for your retirement by using your IRA funds to purchase a 5-year Advantage IRA Certificate. Visit the Rates page for the current rate on the Advantage IRA Certificate.

Click here for current rates.

Peach State Federal Credit Union does not provide legal advice to members, and provides the foregoing information from a reliable resource to give our members a basic understanding of these services. You should consult with your tax or legal adviser regarding the current status of applicable federal and state laws.
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