{"id":230657,"date":"2024-02-06T22:49:01","date_gmt":"2024-02-06T22:49:01","guid":{"rendered":"http:\/\/75.103.67.20\/~timberlandfcu\/?page_id=230657"},"modified":"2024-05-29T17:07:57","modified_gmt":"2024-05-29T17:07:57","slug":"individual-retirement-accounts-iras","status":"publish","type":"page","link":"http:\/\/75.103.67.20\/~timberlandfcu\/find-an-account\/personal-savings\/individual-retirement-accounts-iras\/","title":{"rendered":"Individual Retirement Accounts (IRA)"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; custom_padding=&#8221;0px||0px||true|false&#8221; custom_padding_tablet=&#8221;0px||0px|0%|true|false&#8221; custom_padding_phone=&#8221;0px||0px|0%|true|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;0px||0px||true|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;http:\/\/75.103.67.20\/~timberlandfcu\/wp-content\/uploads\/2024\/03\/tfcu-ira.webp&#8221; title_text=&#8221;tfcu ira&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; border_radii=&#8221;on|3px|3px|3px|3px&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Rajdhani|700||on|||||&#8221; text_text_color=&#8221;#2A4F43&#8243; text_font_size=&#8221;32px&#8221; text_line_height=&#8221;1.25em&#8221; custom_margin=&#8221;20px||20px||true|false&#8221; custom_padding=&#8221;0px||0px||true|false&#8221; text_line_height_tablet=&#8221;1.25em&#8221; text_line_height_phone=&#8221;1em&#8221; text_line_height_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>WE GOT YOU A BIRTHDAY PRESENT \u2014 PEACE OF MIND. DON\u2019T LET ANOTHER YEAR PASS WITHOUT STARTING YOUR RETIREMENT SAVINGS.<\/p>\n<p>[\/et_pb_text][et_pb_divider color=&#8221;#E8ECEB&#8221; divider_position=&#8221;center&#8221; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||20px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_divider][et_pb_text _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;|700|||||||&#8221; text_text_color=&#8221;#2A4F43&#8243; text_font_size=&#8221;25px&#8221; text_orientation=&#8221;center&#8221; text_font_size_tablet=&#8221;25px&#8221; text_font_size_phone=&#8221;18px&#8221; text_font_size_last_edited=&#8221;on|phone&#8221; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;left&#8221; text_orientation_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>Key Features<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_3,1_3,1_3&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;|5%|0px|5%|false|true&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_blurb title=&#8221;Competitive Dividends&#8221; image=&#8221;http:\/\/75.103.67.20\/~timberlandfcu\/wp-content\/uploads\/2024\/02\/tfcu-really-high-dividends.webp&#8221; image_icon_width=&#8221;100px&#8221; icon_placement_tablet=&#8221;&#8221; icon_placement_phone=&#8221;left&#8221; icon_placement_last_edited=&#8221;on|phone&#8221; image_icon_width_tablet=&#8221;50%&#8221; image_icon_width_phone=&#8221;50px&#8221; image_icon_width_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; header_text_color=&#8221;rgba(42,79,67,0.79)&#8221; header_font_size=&#8221;21px&#8221; text_orientation=&#8221;center&#8221; custom_margin=&#8221;||0px||false|false&#8221; custom_margin_tablet=&#8221;||0px||false|false&#8221; custom_margin_phone=&#8221;||10px||false|false&#8221; custom_margin_last_edited=&#8221;on|phone&#8221; animation=&#8221;off&#8221; header_font_size_tablet=&#8221;21px&#8221; header_font_size_phone=&#8221;21px&#8221; header_font_size_last_edited=&#8221;on|phone&#8221; border_radii_image=&#8221;on|100%|100%|100%|100%&#8221; global_colors_info=&#8221;{}&#8221; custom_css_blurb_image_last_edited=&#8221;on|phone&#8221; custom_css_blurb_image_phone=&#8221;width: 50px;&#8221; custom_css_blurb_title_last_edited=&#8221;on|phone&#8221; custom_css_blurb_title_phone=&#8221;margin-top: 15px;&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_blurb][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_blurb title=&#8221;Tax Advantages&#8221; image=&#8221;http:\/\/75.103.67.20\/~timberlandfcu\/wp-content\/uploads\/2024\/02\/tfcu-tax-advantage.webp&#8221; image_icon_width=&#8221;100px&#8221; icon_placement_tablet=&#8221;&#8221; icon_placement_phone=&#8221;left&#8221; icon_placement_last_edited=&#8221;on|phone&#8221; image_icon_width_tablet=&#8221;50%&#8221; image_icon_width_phone=&#8221;50px&#8221; image_icon_width_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; header_text_color=&#8221;rgba(42,79,67,0.79)&#8221; header_font_size=&#8221;21px&#8221; text_orientation=&#8221;center&#8221; custom_margin=&#8221;||0px||false|false&#8221; custom_margin_tablet=&#8221;||0px||false|false&#8221; custom_margin_phone=&#8221;||10px||false|false&#8221; custom_margin_last_edited=&#8221;on|phone&#8221; animation=&#8221;off&#8221; header_font_size_tablet=&#8221;21px&#8221; header_font_size_phone=&#8221;21px&#8221; header_font_size_last_edited=&#8221;on|phone&#8221; border_radii_image=&#8221;on|100%|100%|100%|100%&#8221; global_colors_info=&#8221;{}&#8221; custom_css_blurb_image_last_edited=&#8221;on|phone&#8221; custom_css_blurb_image_phone=&#8221;width: 50px;&#8221; custom_css_blurb_title_last_edited=&#8221;on|phone&#8221; custom_css_blurb_title_phone=&#8221;margin-top: 15px;&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_blurb][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_blurb title=&#8221;No Setup or Annual Fees&#8221; image=&#8221;http:\/\/75.103.67.20\/~timberlandfcu\/wp-content\/uploads\/2024\/02\/tfcu-norepayment.webp&#8221; image_icon_width=&#8221;100px&#8221; icon_placement_tablet=&#8221;&#8221; icon_placement_phone=&#8221;left&#8221; icon_placement_last_edited=&#8221;on|phone&#8221; image_icon_width_tablet=&#8221;50%&#8221; image_icon_width_phone=&#8221;50px&#8221; image_icon_width_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; header_text_color=&#8221;rgba(42,79,67,0.79)&#8221; header_font_size=&#8221;21px&#8221; text_orientation=&#8221;center&#8221; custom_margin=&#8221;||0px||false|false&#8221; custom_margin_tablet=&#8221;||0px||false|false&#8221; custom_margin_phone=&#8221;||10px||false|false&#8221; custom_margin_last_edited=&#8221;on|phone&#8221; animation=&#8221;off&#8221; header_font_size_tablet=&#8221;21px&#8221; header_font_size_phone=&#8221;21px&#8221; header_font_size_last_edited=&#8221;on|phone&#8221; border_radii_image=&#8221;on|100%|100%|100%|100%&#8221; global_colors_info=&#8221;{}&#8221; custom_css_blurb_image_last_edited=&#8221;on|phone&#8221; custom_css_blurb_image_phone=&#8221;width: 50px;&#8221; custom_css_blurb_title_last_edited=&#8221;on|phone&#8221; custom_css_blurb_title_phone=&#8221;margin-top: 15px;&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; width=&#8221;100%&#8221; custom_margin=&#8221;||0px||false|false&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_divider color=&#8221;#E8ECEB&#8221; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_divider][et_pb_text _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Rajdhani|700|||||||&#8221; text_text_color=&#8221;#2A4F43&#8243; text_font_size=&#8221;32px&#8221; text_line_height=&#8221;1em&#8221; background_enable_color=&#8221;off&#8221; max_width=&#8221;100%&#8221; custom_margin=&#8221;0px|0px|10px|0px|false|true&#8221; custom_padding=&#8221;0px|0px|0px|0px|true|true&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>Details<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<ul class=\"no-top-margin\">\n<li>Competitive dividends above standard savings rates<\/li>\n<li>Traditional and Roth IRA options<\/li>\n<li>No setup fees<\/li>\n<li>No monthly or annual maintenance fees<\/li>\n<li>Annual contribution limits apply (<a class=\"warn\" href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-ira-contribution-limits\" target=\"_blank\" rel=\"noopener\" aria-describedby=\"audioeye_new_window_message\">see current contribution limits<\/a>; $6,000 as of 2019)<\/li>\n<li>Additional $1,000 &#8220;catch-up&#8221; contribution allowed for ages 50+<\/li>\n<li>Funds can be used to purchase share certificates within IRA<\/li>\n<li>$250 minimum deposit to open<\/li>\n<\/ul>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Rajdhani|700|||||||&#8221; text_text_color=&#8221;#2A4F43&#8243; text_font_size=&#8221;32px&#8221; text_line_height=&#8221;1em&#8221; background_enable_color=&#8221;off&#8221; max_width=&#8221;100%&#8221; custom_margin=&#8221;0px|0px|10px|0px|false|true&#8221; custom_padding=&#8221;0px|0px|0px|0px|true|true&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>Traditional vs. Roth<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||30px||false|false&#8221; custom_css_free_form=&#8221;selector sup {||  font-size: 0.75em;||}&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>When do you want to enjoy your tax advantage? A traditional IRA can provide tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of retirement.<\/p>\n<\/p>\n<h3 role=\"heading\" aria-level=\"2\"><strong>Traditional IRA<\/strong><\/h3>\n<ul>\n<li>No income limits to open<\/li>\n<li>No minimum contribution requirement<\/li>\n<li>Contributions are tax deductible on state and federal income tax<sup>1<\/sup><\/li>\n<li>Earnings are tax deferred until withdrawal (when usually in lower tax bracket)<\/li>\n<li>Withdrawals can begin at age 59\u00bd<\/li>\n<li>Early withdrawals subject to penalty<sup>2<\/sup><\/li>\n<li>Mandatory withdrawals at age 72<\/li>\n<\/ul>\n<h3 role=\"heading\" aria-level=\"2\"><strong>Roth IRA<\/strong><\/h3>\n<ul>\n<li>Income limits to be eligible to open Roth IRA<sup>3<\/sup><\/li>\n<li>Contributions are NOT tax deductible<\/li>\n<li>Earnings are 100% tax free at withdrawal<sup>1<\/sup><\/li>\n<li>Principal contributions can be withdrawn without penalty<sup>1<\/sup><\/li>\n<li>Withdrawals on interest can begin at age 59\u00bd<\/li>\n<li>Early withdrawals on interest subject to penalty<sup>2<\/sup><\/li>\n<li>No mandatory distribution ages<\/li>\n<li>No age limit on making contributions as long as you have earned income<\/li>\n<\/ul>\n<h6 class=\"disclaimer\"><sup>1<\/sup>Subject to some minimal conditions. Consult a tax advisor.<\/h6>\n<h6 class=\"disclaimer\"><sup>2<\/sup>Certain exceptions apply, such as healthcare, purchasing first home, etc.<\/h6>\n<h6 class=\"disclaimer\"><sup>3<\/sup>Consult a tax advisor.<\/h6>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Rajdhani|700|||||||&#8221; text_text_color=&#8221;#2A4F43&#8243; text_font_size=&#8221;32px&#8221; text_line_height=&#8221;1em&#8221; background_enable_color=&#8221;off&#8221; max_width=&#8221;100%&#8221; custom_margin=&#8221;0px|0px|10px|0px|false|true&#8221; custom_padding=&#8221;0px|0px|0px|0px|true|true&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>Guaranteed Asset Protection (GAP)<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||30px||false|false&#8221; custom_css_free_form=&#8221;selector sup {||  font-size: 0.75em;||}&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]Retirement covered? Good. Now it\u2019s time to save for your child\u2019s education. A Coverdell ESA offers tax benefits, dividends, and financial assurance for your future grad.<\/p>\n<ul>\n<li>Set aside funds for your child&#8217;s education<\/li>\n<li>No setup or annual fee<\/li>\n<li>Dividends grow tax-free<\/li>\n<li>Withdrawals are tax-free and penalty-free when used for qualified education expenses<sup>1<\/sup><\/li>\n<li>Designated beneficiary must be under 18 when contributions are made<\/li>\n<li>To contribute to an ESA, certain income limits apply<sup>2<\/sup><\/li>\n<li>Contributions are not tax deductible<\/li>\n<li>$2,000 maximum annual contribution per child<\/li>\n<li>The money must be withdrawn by the time he or she turns 30<sup>3<\/sup><\/li>\n<li>The ESA may be transferred without penalty to another member of the family<\/li>\n<li>$10 minimum deposit to open<\/li>\n<\/ul>\n<h6 class=\"disclaimer\"><sup>1<\/sup>Qualified expenses include tuition and fees, books, supplies, board, etc.<\/h6>\n<h6 class=\"disclaimer\"><sup>2<\/sup>Consult your tax advisor to determine your contribution limit.<\/h6>\n<h6 class=\"disclaimer\"><sup>3<\/sup>Those earnings are subject to income tax and a 10% penalty.<\/h6>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;http:\/\/75.103.67.20\/~timberlandfcu\/applications\/individual-retirement-accounts-iras\/&#8221; button_text=&#8221;Apply Now&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; custom_button=&#8221;on&#8221; button_text_size=&#8221;16px&#8221; button_text_color=&#8221;#FFFFFF&#8221; button_bg_color=&#8221;#2A4F43&#8243; button_border_width=&#8221;0px&#8221; button_border_radius=&#8221;4px&#8221; button_use_icon=&#8221;off&#8221; custom_padding=&#8221;15px|35px|15px|35px|true|true&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>WE GOT YOU A BIRTHDAY PRESENT \u2014 PEACE OF MIND. DON\u2019T LET ANOTHER YEAR PASS WITHOUT STARTING YOUR RETIREMENT SAVINGS.Key FeaturesDetails Competitive dividends above standard savings rates Traditional and Roth IRA options No setup fees No monthly or annual maintenance fees Annual contribution limits apply (see current contribution limits; $6,000 as of 2019) Additional $1,000 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":231356,"parent":230642,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-230657","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"http:\/\/75.103.67.20\/~timberlandfcu\/wp-json\/wp\/v2\/pages\/230657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/75.103.67.20\/~timberlandfcu\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/75.103.67.20\/~timberlandfcu\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/75.103.67.20\/~timberlandfcu\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/75.103.67.20\/~timberlandfcu\/wp-json\/wp\/v2\/comments?post=230657"}],"version-history":[{"count":9,"href":"http:\/\/75.103.67.20\/~timberlandfcu\/wp-json\/wp\/v2\/pages\/230657\/revisions"}],"predecessor-version":[{"id":231783,"href":"http:\/\/75.103.67.20\/~timberlandfcu\/wp-json\/wp\/v2\/pages\/230657\/revisions\/231783"}],"up":[{"embeddable":true,"href":"http:\/\/75.103.67.20\/~timberlandfcu\/wp-json\/wp\/v2\/pages\/230642"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/75.103.67.20\/~timberlandfcu\/wp-json\/wp\/v2\/media\/231356"}],"wp:attachment":[{"href":"http:\/\/75.103.67.20\/~timberlandfcu\/wp-json\/wp\/v2\/media?parent=230657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}