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IRAs

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IRAs

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

Don't want to log in to online banking to open your IRA?  Click HERE to get started now!

 

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.

Description Traditional IRA Roth IRA
Income requirement Must have earned income Earned income must be within qualifying limits
Contributions May be tax deductible Not tax deductible
Age when contributing Contribute at any age
Earnings growth Tax deferred Tax deferred
Distributions Taxable Tax free (certain criteria must be met)
Distribution penalties
Mandatory distributions Not required until Roth IRA owner dies

Learn more about our IRAs or by calling one of our branches.

Opening an IRA Certificate or Accumulator Savings account with GenFed can help you earn more!

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