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IRAs

IRAs

Start planning today! It’s never too early to start planning for your retirement or your child’s or grandchild’s education. Your IRA options include an IRA share account or a certificate with terms that range from 12 to 60 months. The minimum deposit for certificates is $1,000.

Traditional IRA Roth IRA Bump Up IRA

Traditional IRA

  • A Traditional IRA helps you save for your retirement. Your contributions may be tax deductible*.
  • Early withdrawals under the age of 59½ are subject to a 10% penalty unless disabled or paying for qualified expenses (first home, education).
  • Mandatory distributions must occur at age 72 for individuals who turn 70½ in the calendar year 2020.
  • If you turned age 70½ in 2019 and have already begun taking your Required Minimum Distributions (RMDs), you should generally continue to take your RMDs. The IRS may provide further guidance on this point, so you might want to speak with your tax advisor regarding any 2020 distributions.
  • You can continue to contribute to your traditional IRA past age 70½ as long as you are still working.
  • Contributions may be tax deductible*.
  • Interest grows tax-deferred until withdrawn.
  • Funds may be used to purchase a first home ($10,000 lifetime maximum)*.
  • Funds may be used to pay for qualifying education expenses.

Roth IRA

A Roth IRA allows you to set aside after-tax income up to a specified amount each year. Both earnings on the account and withdrawals after age 59½ may be tax-free.*

  • Individuals with qualified income may contribute regardless of age.
  • Contributions are nondeductible.
  • Early withdrawals before the age of 59½ are subject to 10% penalty unless disabled or paying for qualified expenses (first home).
  • No distribution requirements.
  • All withdrawals, including earnings, may be tax-free after the age of 72.
  • Not required to take a mandatory distribution.
  • Contributions can be made at any age, with qualified income.
  • Funds can be used to purchase a first home ($10,000 life time maximum).

Bump Up IRA

  • Grow your retirement money with rising rates
  • “Bump up” your dividend rate up to three times over the term of the IRA
*Membership eligibility required. Certain restrictions apply. Offer may change without notice. $5,000 minimum deposit, new money only. If Shoreline Credit Union’s rates go up, you get the option to bump up to a new rate three times over the life of the Individual Retirement Account. Rate bump applies to our currently published Bump Up IRA rate for the remaining term. Interest compounded and credited quarterly. Limited time offer. No institutional funds. Penalty for early withdrawals as governed by the IRS. One-time rate-bump is standard. Two additional rate-bump options may be purchased at an initial dividend rate discount of 0.05% each. Tax Implications: Please consult a professional tax specialist for IRS rules governing Individual Retirement Accounts, including differences between Traditional IRA and Roth IRA tax treatments and IRS penalties on funds withdrawn from IRAs.
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