IRAS

It's never to early to start planning for retirement.  SFCU has three types of IRAs (Individual Retirement Account) available...

Roth IRAS

What is a Roth IRA? Working people can now contribute up to $7,000 per year of their earned income, or up to $8,000 if you are age 50 and older. Your qualified withdrawals will be tax-free - both principal and interest!

What Makes a Withdrawal "Qualified"? To avoid early withdrawal penalties as well as paying taxes on the amount withdrawn, you must hold the Roth IRA account at least five years (beginning with the tax year in which you open the account). In addition, a qualified withdrawal must also be:

  • Paid to you when you are at least 59 and a half years old; OR

  • Paid to you if you become disabled (as defined by the IRS code); OR

  • Paid to your heirs or estate after your death; OR

  • Used to purchase a first home

Are there other benefits to the Roth IRA?

  • Individuals earning up to $139,000 and married couples filing jointly with a combined income up to $206,000 are eligible. These income limits are much higher than for a regular IRA.

  • You can fund a Roth IRA even if you are covered by a company retirement plan such as a pension, 401(k), or profit sharing.

  • There are no time limits for making contributions. As long as you continue working, you may make contributions to your Roth IRA.

  • Similarly, you are never required to make withdrawals from a Roth IRA.

Traditional IRAs

What is a Traditional IRA? Contributions into the plan may be tax-deductible (consult your tax advisor regarding the deductibility of IRA contributions) and the earnings grow tax-deferred until retirement. You don't pay taxes until you withdraw the money, which if taken at retirement, may be taxed at a lower rate. In addition, you will have until April 1 of the year following the year you turn 72 to begin taking your first required minimum distribution - or, age 70 ½ in 2019 or earlier. As long as you have earned income you may contribute to your traditional IRA, not to exceed your annual amount. IRA owners must begin taking money out of their traditional IRAs by April 1 of the year following the year in which they attain RMD (required minimum distribution) age. The SECURE Act changed the RMD age from 701/2 to 72. (Effective for distributions required in 2020 and later years, for those who reach age 701/2 in 2020 or later.) The SECURE Act of 2022 increased the RMD age to 73 in 2023 and to age 75 in 2033. This applies to distributions required to be made after December 31, 2022, with respect to individuals who attain age 72 after such date.

What are the benefits of a Traditional IRA? The plan may allow you to reduce your income tax liability for the year you're making the contribution, plus your tax-deferred earnings grow faster than a comparable taxable investment.

 

Coverdell Education Savings Accounts

What is a Coverdell Educational Savings Account? An Education Savings Account (ESA), formerly Education IRA, is a terrific way for parents, grandparents and others to help meet the rising costs of a student's education.

What are the benefits of an ESA? For taxable years beginning in 2002, the annual contribution amount has been increased from $500 per beneficiary to $2,000 per beneficiary. The earnings grow tax-free. And now, your ESA can be used to pay qualified elementary school and secondary school expenses as well as those for higher education.

For more information on the new ESA program, call 330-493-8325.

IRA Certificate Rates

*APY = Annual Percentage Yield. All rates are subject to change. Early withdrawal penalties apply if share certificate is closed before the end of maturity period. Minimum of $500 is required for other Growth Share Certificates and a minimum of $10,000 is required for Jumbo Share Certificates. Rates effective 5/15/23

Stark Federal Credit Union
NCUA

Dressler Branch
4100 Dressler Rd. NW
Canton, OH 44718
Office: 330.493.8325
Fax: 330.493.8328

Loan Dept.: 330.493.7602
Loan Dept. Fax: 330.493.1619

Mon. - Fri.
9:00 a.m. - 5:30 p.m.
Sat. 9:00 a.m. - Noon
(Drive-up only)

Cleveland Ave. Branch
3426 Cleveland Ave. NW
Canton, OH 44709
Office: 330.493.8326
Fax: 330.493.8941

Mon. - Fri.
9:00 a.m. - 5:30 p.m.
Sat. 9:00 a.m. - Noon

Alliance Branch
1281 S. Sawburg Ave.
Alliance, OH 44601
Office: 330.821.7225
Fax: 330.821.2004

Mon. - Fri.
9:00 a.m. - 5:30 p.m.
Sat. 9:00 a.m. - Noon

Minerva Area Federal CU Shared Branch
(Cash and deposits only)
3570 Union Ave. SE
Minerva, OH 44657

Mon., Tues, Thurs.
9:00 a.m. - 5:00 p.m.
Wed. 9:00 a.m. - 1:00 p.m.
Fri. 9:00 a.m. - 5:00 p.m.

Routing Number
241274598

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Stark Federal Credit Union
All rights reserved.

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