IRA is an acronym for Individual Retirement Account. It is an account that someone uses to supplement their Social Security, 401K, pension or some other type of retirement plan they may have. You can open a Traditional IRA, Roth IRA, or SEP IRA (Simplified Employee Pension Plan). Most individuals open either a Traditional IRA or Roth IRA. A SEP IRA is for those individuals who are self-employed, a small business, corporation, partnerships, tax-exempt entities, state and local governments. For more information about SEP IRAs, click here.
You can even transfer your entire 401K or other qualified retirement plan into a Traditional IRA without having to pay any penalties. If you have an IRA elsewhere losing value, you can directly transfer that IRA to an IRA here at Texasgulf FCU.
IMPORTANT: EFFECTIVE JANUARY 1, 2015 THE IRS CHANGED THE ROLLOVER RULE THAT ALLOWS ALL IRA OWNERS ONLY ONE (1) IRA ROLLOVER PER TWELVE (12) MONTHS REGARDLESS OF THE NUMBER OR TYPES OF IRA’S THE INDIVIDUAL OWNS. MAKE SURE YOU KEEP TRACK OF ANY AND ALL ROLLOVERS THAT YOU MAKE.
You can invest the funds in your IRA here at Texasgulf FCU in two (2) ways;
- IRA Share account - a savings account that you can build up to open an IRA Share certificate.
- IRA Share certificate - an IRA share certificate is just like a CD or Certificate of Deposit. A minimum deposit of $500.00 is required to open an IRA share certificate. You can choose from a term of 6, 12, 18 or 36 months for your share certificate.
Not one penny of your principal balance is ever at risk here at Texasgulf FCU, so your IRA will never lose value over time. Please check out Comparing Your IRA Options to help you determine which IRA may be right for you.
NOT INTENDED AS TAX ADVICE. PLEASE CONSULT A TAX PROFESSIONAL.Go to main navigation