Our Money Management Officer, Kassandra, was great to work with. I do not think she could do better.
SFCU Member
Individual Retirement Accounts
PLANNING, SAVING, AND INVESTING FOR RETIREMENT
Somerset Federal Credit Union offers Traditional and Roth IRA products to its members.
IRA Share Account:
A regular Savings account with an IRA that allows you to make contributions throughout the year. You don’t have to wait for your IRA CD to mature to contribute. And when your IRA CD is up for renewal, you can add the funds that you contributed throughout the year into a CD to earn a higher rate of interest.
IRA Share Certificates:
An IRA CD is an interest-earning account that can help you save for retirement. The IRA CD contains a certificate of deposit (CD), which is an interest-earning savings account, within an individual retirement account (IRA). With a CD, you invest your savings for a set amount of time — whether for six months or six years. Penalties may apply for early distributions.
| Roth IRA | Traditional IRA | |
|---|---|---|
| Income Eligibility | May contribute if modified adjusted gross income (MAGI) does not exceed income limitations. You must have U.S. earned income. | No income limit restrictions on contributions. You must have U.S. earned income. |
| Age Restrictions | None. | None. |
| Tax Deductibility | Contributions are never deductible. | You may be eligible to deduct all or a portion of your contributions. Deductibility depends on your income, filing status, whether you and/or your spouse are covered by a retirement plan at work, and whether you receive social security benefits. |
| Withdrawal of Contributions | Withdraw anytime without taxes or penalties. | Withdraw anytime, but deductible contributions are taxable and generally subject to penalties if withdrawn before age 59½. |
| Withdrawal of Earnings | Tax and penalty-free if a qualified withdrawal. A qualified distribution is tax-free if taken at least 5 years after the year of your first Roth contribution and you've reached age 59½, become totally disabled, died or meet the requirements for first-time home purchase. | Taxable when withdrawn and generally subject to penalties if withdrawn before age 59½. |
| Required Minimum Distributions (RMDs) | None during your lifetime. | Please note different RMD rules apply to inherited IRAs. For questions related to inherited IRAs please speak with your tax or legal professional. |
| Contribution Limits | For the 2022 and 2023 tax years: If you are under age 50, you can contribute a maximum of $6,000 for 2022 and $6,500 for 2023. If you are age 50 or older, you can contribute $7,000 for 2022 and $7,500 for 2023. Depending on your income, contribution limits may be lower. | For the 2022 and 2023 tax years: If you are under age 50, you can contribute a maximum of $6,000 for 2022 and $6,500 for 2023. If you are age 50 or older, you can contribute $7,000 for 2022 and $7,500 for 2023. |
| Contribution Deadline | Your tax return filing deadline (not including extensions). | Your tax return filing deadline (not including extensions). |
Please refer to our Rates page for more information or contact a member service representative at 508-678-2851.
All IRA accounts must be opened in person at the Swansea branch (cannot be opened online).
I sincerely appreciate the personalized experience we receive from all of the staff at SFCU, whether it be the person greeting you at the front door, the tellers, the staff that helps with notarizations, mortgages or wire transfers. I have dealt with all of these areas at the Credit Union and have always been assisted in a timely, friendly and helpful manner. It is by far the best bank/credit union I do and have ever done business with.
SFCU Member
I have been a member for a very long time. I am always satisfied with whatever I need to do at the Credit Union. The staff is always accommodating and courteous. The hours of operation are also very convenient.
SFCU Member
I was overall pleased with my experience. Jessica, our Money Management Officer, was easy going and very professional. She understood my circumstance, had compassion and a genuine, caring, pleasant persona for my situation.
SFCU Member