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Individual Retirement Accounts (IRAs)

Prepare for your future now. Reach your retirement goals with the help of an Individual Retirement Account from One Source Federal Credit Union.

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Roth IRA

The Roth IRA allows you to save after-tax dollars and enjoy tax-free earnings.

  • Contribute up to $2,000 after-tax dollars if you are a single filer earning less than $95,000.
  • Married couples can contribute up to $2,000 each if your combined income is less than $150,000.
  • Pay no taxes on withdrawals, provided funds have been in the account at least five years and: you are older than 59-1/2, or you become disabled, or
  • you die and it's paid to your beneficiary, or
  • you use the money for a first-time house purchase ($10,000 lifetime withdrawal limit).

Unlike the Traditional IRA, which requires you to begin withdrawing money at age 70, the Roth IRA has no such requirement. You can let your money keep working, while earnings continue to grow tax-free, for as long as you like. 

Education IRA

This account allows you to save for any post-secondary education by investing up to $500 a year per child younger than 18. 

Earnings on the Education IRA grow tax free; however, the contribution is not tax deductible. There's no penalty when the money is withdrawn to pay for qualified higher education expenses, such as tuition and fees, before the recipient reaches age 30. 

If you're a single filer, you can contribute the full $500 per year, per child, if your income is less than $95,000. The contribution limit gradually falls as your income climbs toward $110,000. 

For married filers, the income limits span $150,000 to $160,000.