The earlier you can start saving money for retirement, the better. GenFed can help you start saving for retirement at any age!

IRA Account Options

We offer Certificate options for Traditional IRAs, Roth IRAs, and Education IRAs (also called Coverdell Education Savings Accounts). We can also help you save for your IRA Certificate with an Accumulator Savings account.

Choosing an IRA

When you’re ready to start saving for retirement, you’ll need to decide which IRA option is best for you. Here are a few of the basic differences between Traditional and Roth IRAs.

 Traditional IRARoth IRA
Income requirementMust have earned incomeEarned income must be within qualifying limits
ContributionsMay be tax deductibleNot tax deductible
Age when contributingMust be under age 70 ½ Contribute at any age
Earnings growthTax deferredTax deferred
DistributionsTaxableTax free (certain criteria must be met)
Distribution penaltiesPenalties apply to distributions before age 59 ½ (with some exceptions)Penalties apply to distributions before age 59 ½ (with some exceptions)
Mandatory distributionsRequired to begin at age 70 ½Not required until Roth IRA owner dies

Learn more here or by calling one of our branches.

Opening an IRA Certificate or Accumulator Savings account with GenFed can help you earn extra benefits! Our Co-op Advantage program rewards you based on your total amount of deposit and loan balances with GenFed. Learn more.

Call or visit your local branch to open an IRA account or learn more.