Retirement

At sfcu, we know that retirement is an important goal for our members. We provide tools and resources to help you plan for retirement and achieve the financial future you desire.

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Saving is central for a comfortable retirement plan. The longer your money is invested, the greater it will grow. sfcu offers Individual Retirement Accounts (IRAs) that help you take that important first step towards your savings goal, while helping you grow your funds over time.  
sfcu offers three main retirement planning accounts:

Traditional IRA

With a traditional IRA, members can save for retirement, while deferring some tax liability. Anyone under the age of 70 ½ with qualified income can contribute. Some other features and benefits of a Traditional IRA include:

• Contributions may be tax-deductible.
• Earnings grow tax-deferred until withdrawal.
• Maximum contribution levels depend on age and other factors.

Roth IRA

While a Roth IRA is a retirement account similar to a Traditional IRA there are some important differences:

• No age limit. Anyone can contribute.
• Earnings are tax-deferred, and withdrawals are tax free if the account is open for at least five years.
• Regular contributions can be withdrawn tax and penalty-free at any time.

Coverdell education savings accounts

This education individual retirement account is also known as an Education Savings Account, ESA or a Coverdell Account. With this account, individuals can save at a tax advantage for educational expenses of a child or grandchild. Account benefits include:

• Savings for education for a beneficiary child or grandchild under age 18.
• Funds must be withdrawn by the time the beneficiary reaches age 30.
• Withdrawals, including earnings, are tax-free when used for qualified educational expenses.