IRA Accounts
Secure your future with our retirement solutions.
The Retirement You Deserve Starts Here.
Secure your financial future with our range of IRA options, all separately insured up to $250,000 by the NCUA.
At Escondido Federal Credit Union, we offer several retirement savings options to help you plan for your future. Our IRA accounts allow you to contribute pre-tax dollars, maximizing your retirement savings. Our IRAs earn dividends that are paid monthly, so your earnings add up faster while enjoying tax advantages.
Traditional IRA Benefits
One of the smartest ways to grow additional savings for your retirement. The Traditional IRA earns dividends just like a savings account, but with tax-deferred growth until you start withdrawing from the account.
Key Features
- Tax-deductible contributions may be available*
- Tax-deferred growth on earnings
- Dividends calculated daily and paid monthly
- No monthly fee when a low minimum balance requirement is met ($100)
Important Information
Whether a contribution or a portion of a contribution is deductible depends on active participation in an employer-sponsored retirement plan, marital status, and modified adjusted gross income (MAGI).
*Consult a qualified tax professional to determine what portion, if any, of your contributions may be tax deductible.
Roth IRA Benefits
Pay taxes now, enjoy tax-free withdrawals later. With a Roth IRA, your contributions grow tax-free, and qualified withdrawals are completely tax-free during retirement.
Key Features
- Tax-free growth on earnings
- Tax-free qualified withdrawals in retirement
- No required minimum distributions during your lifetime
- Flexibility for first-time home purchases
Qualified Distributions
A distribution of Roth IRA assets is considered qualified if your account has been open for at least five years and the withdrawal is made because of one of the following events:
- You have reached age 59½
- Using funds (up to $10,000) for a first-time home purchase
- You have become disabled
- Distributions to beneficiaries after your death
SEP IRA Benefits
A Simplified Employee Pension (SEP) IRA is designed for self-employed individuals and small business owners to provide retirement benefits for themselves and their employees.
Key Features
- Higher contribution limits than Traditional IRAs
- Tax-deferred growth on earnings
- Easy setup and administration
- Flexible annual contributions
SEP Contribution Limits
SEP IRA contributions are subject to different limits than Traditional IRA contributions. Employer SEP contributions are always 100% vested.
Eligible participants who are age 70½ or older may receive SEP plan contributions.
SEP contributions do not affect the individual's ability to make a Traditional IRA contribution.*
Coverdell ESA Benefits
The Coverdell Education Savings Account (ESA) is an IRA-like account that lets you grow funds potentially tax-free for a child's education expenses, including elementary, secondary, and higher education costs.
Key Features
- Tax-free withdrawals for qualified education expenses
- Save up to $2,000 annually per beneficiary
- No monthly fee with minimum balance of $100
- Dividends calculated daily and paid monthly
Education Benefits
One way to accelerate the growth of money you're saving for education is with a Coverdell ESA. Funds can be used for a wide range of educational expenses.
- No setup fee, no administrative fee
- Covers K-12 and higher education expenses
- Can be used for tuition, books, supplies, and more
Common Benefits of Our IRA Accounts
NCUA Insurance
Each IRA is separately insured up to $250,000 by the NCUA, providing peace of mind for your retirement savings.
Convenient Access
Access your account via ARTS (bank by phone) and online banking for easy management of your retirement funds.
Monthly Dividends
Dividends are calculated daily and paid monthly, helping your retirement savings grow more effectively.
Expert Guidance
Our team can help you choose the right IRA for your specific financial situation and retirement goals.