Individual Retirement Accounts (IRAs)

Set a course toward the retirement you've always wanted

There's only one way to retire – your way.

Planning to retire shouldn't feel like a second job.  It won't with a carefully chosen Individual Retirement Account (IRA) from XCEL.  IRAs are tax-advantaged* retirement tools that help you maintain your standard of living even after you're working days are done. 

Traditional IRA Basics

  • Contributions are pre-tax and earnings grow tax-deferred
  • Contributions also may be tax deductible (depending on your income level)
  • Any withdrawals made are subject to income tax
  • Available to anyone who earns income and is under age 70 1/2
  • Mandatory distributions begin at age 70 1/2

Roth IRA Basics

  • Contribute after-tax money
  • Contributions are not tax deductible
  • Withdrawal of the earnings are tax free upon certain conditions being met
  • No required minimum distributions

Not sure which IRA is a better fit?  Don't worry, you're not alone.  We're happy to speak with you about your unique needs and guide you in the right direction. 

Funding Your IRA

XCEL offers several vehicles for funding your IRA including IRA Savings, IRA Certificates and IRA Money Market accounts.  IRA Certificates are available in terms ranging from three months to five years and can be opened with as little as $500.

 

XCEL FCU is a credit union serving members in New Jersey, New York and across the country.