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IRAs

Great options to save for your retirement

Open Your IRA IRA Rates

 

Ensure Your Future by
Planning Ahead

BFSFCU wants to help you build your retirement safely and securely. That is why we offer both Traditional and Roth Individual Retirement Accounts (IRA), Certificates, and Savings Accounts.

  • IRA Certificates – Combine the tax advantages of an IRA with the security of a certificate.
  • IRA Savings Accounts – No minimum balance requirement. 

Who can open an IRA?

Members who file U.S. income tax returns and have earned income may contribute to an IRA. IRAs are insured by the NCUA for up to $250,000. IRA contributions may be tax-deductible depending upon:

  • Participation in an employer-maintained retirement plan
  • Adjusted Gross Income (AGI)

Please consult your tax advisor for information on whether your IRA qualifies for a tax benefit.

Retirement Central




couple opening IRA

Open an IRA

Opening an IRA has never been easier! Visit our IRA service center and open an IRA today.

Traditional IRA

Tax-deferred growth means you may be able to get immediate tax benefits while planning for
your future.

  • Retirement savings grow tax-deferred
  • Contributions may be tax deductible (please consult your tax advisor).
  • You are eligible to open and contribute to a Traditional IRA if you or your spouse received taxable compensation during the tax year.

Open a Traditional IRA

Roth IRA

Tax-free1 growth means tax-free
withdrawals
in retirement. 

  • Qualified distributions from your Roth IRA are
    tax-free2
  • You are eligible to open and contribute to a Roth IRA if you received taxable compensation during the tax year
  • There is no age limit to opening a Roth IRA

Open a Roth IRA

Funding your IRA

Whether you opt for a Traditional or a Roth, you can contribute to your IRA in several ways:

  • Normal contributions 
  • Catch-up contributions of an additional $1,000 if you are age 50 or older
  • Transferring an existing IRA to BFSFCU
  • Direct rollover from a retirement plan (once every 12 months)
  • Indirect rollovers - distributions from a retirement plan can be redeposited to your IRA within 60 days
  • Spousal contributions

In addition, you may be able to take the funds from a Traditional IRA and invest them in a Roth IRA or re-characterize contributions by reapplying funds from a Traditional IRA to a Roth or vice versa.

In 2024, you can contribute up to $7,000 to your Roth or Traditional IRA. If you are age 50 or older, you can make an additional $1,000, catch-up contribution, for a total of $8,000.

The deadline to make 2023 tax-year contributions to your IRA is April 15, 2024. The contribution limit for 2023 is up to $6,500 if you are under the age of 50 or up to $7,500 if you are age 50 and up.