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Individual Retirement

IRAs are safe and secure way to save for your retirement and ensure your future years are as comfortable as possible.


It is always a good idea to start saving for your future, but the first – and biggest – question is usually "Where should I start?" With so many different plans, accounts and options, it is important to do your homework and research to find the best fit for your financial situation.

With as little as $1, you can open an IRA that can set you on your way to a financially secure future. IRAs are insured separately from other deposit accounts (up to $250,000) by the National Credit Union Administration.

Features Traditional IRA ROTH IRA
Who can contribute? You can contribute if you (or your spouse if filing jointly) have taxable compensation but not after you are age 70½ or older. You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation and your modified adjusted gross income is below certain amounts.
What is the maximum I can contribute? $5,5001 or 100% of earned income, whichever is less
Are contributions
tax
deductible?2
Depends on your participation in a qualified retirement plan and your Modified Adjusted Gross Income (MAGI)3 No
What is the deadline to make contributions? Your tax return filing deadline (not including extensions). For example, you have until April 15, 2016, to make your 2015 contributions.
When can I withdraw money? You can withdraw money at any time.
Are there penalties for early withdrawal? None, if one of the following qualifications is met:
  • Over age 59 ½
  • First time home purchase
  • Health/disability emergency
  • Qualified education expenses
None, if the money has been in the account for a minimum of five years and one of the following qualifications is met:
  • Over age 59 ½
  • First time home purchase
  • Health/disability emergency
  • Qualified educations expenses

Distributions are made to beneficiaries upon your death.

Are dividend earnings
taxed?2
Yes, upon withdrawal No, earnings may be withdrawn tax and penalty free
Are contributions permitted after age 70½? No Yes, provided there is earned income
Get Started

For information about RBFCU Traditional or Roth IRAs, call our IRA department at 210-654-2244 or 1-800-580-3300, ext. 2244 (toll-free). You may also check the IRA Publication 590 for more information.


Quick Links
Today's Rates

IRA Distribution Form
IRA Contribution Instructions
Designation or Change of Beneficiary
Request for Transfer or Conversion
70½ Election Form
Rollover or Conversion Review
SEP Plan Agreement
Traditional IRA Application
Roth IRA Application

Click below for details.

APY1 as high as:
Savings 0.20%
Checking 0.05%
Money Market 0.30%
Certificate (1-Yr) 0.80%
1 APY - Annual Percentage Yield.
1 Contributions may be made to both Traditional and Roth IRAs provided the $5,500 or 100% of earned income between the two is not exceeded. For taxpayer's age 50 and older, an additional $1,000 can be contributed for a total contribution of $6,500 per tax year.
2 Please consult a financial or tax advisor concerning your specific situation.
3 Also known as Adjusted Gross Income (AGI).