Save for retirement
Individual Retirement Accounts (IRAs)
It’s never too soon to start planning for retirement with secure, tax-advantaged ways to grow your savings for your golden years.
Explore low-risk ways to save for retirement
Choose from a Traditional IRA or a Roth IRA, plus we offer Coverdell Education Savings Account for educational expenses. Your account can be held as a savings account or certificate.
And don’t worry – we’re here to help walk you through your options and get everything set up for you.
Traditional IRA
A Traditional IRA helps you save for retirement while potentially lowering your taxes today. Contributions may be tax-deductible, and your savings grow tax-deferred until you withdraw the money in retirement. Traditional IRAs at Firemen’s Federal can be opened as an IRA Savings Account or IRA Certificate.
How taxes work
Contributions may be tax-deductible, depending on your income.
Earnings grow tax-deferred, meaning you don’t pay taxes while the money stays in the account.
Withdrawals in retirement are taxed as regular income.
Key details
Eligibility: Individuals with qualifying income can contribute.
Contribution limits: Up to 100% of compensation or the annual IRS limit. Previous year contributions can be made until the tax filing deadline.
Withdrawals: Penalty-free withdrawals begin at age 59½.
Required distributions: Must begin at age 73.
Open your account
Call our team at 800-647-1689 or visit your nearest branch to get started.
Roth IRA
A Roth IRA allows your retirement savings to grow tax-free. Contributions are made with after-tax dollars, but qualified withdrawals – including earnings – are completely tax-free. Roth IRAs at Firemen’s Federal are available as IRA Savings Accounts or IRA Certificates.
How taxes work
Contributions are not tax-deductible.
Earnings grow tax-free.
Qualified withdrawals are tax-free if the account has been open at least five years.
Key details
Eligibility: Individuals with qualifying income can contribute at any age.
Contribution limits: Up to 100% of compensation or the annual IRS limit. Previous year contributions can be made until the tax filing deadline.
Withdrawals: Contributions can be withdrawn tax- and penalty-free anytime.
No required distributions during your lifetime.
Choose a savings account or certificate
Each IRA can be invested in two ways. Both options come with no maintenance fees and are federally insured for peace of mind. You can open either option as part of a Traditional IRA or Roth IRA, depending on which tax treatment best supports your financial goals.
IRA Share Certificate
A certificate offers a fixed dividend rate for a specific term, providing predictable growth and stability.
IRA Savings Account
An IRA savings account allows your retirement funds to remain accessible while continuing to earn dividends.
Rollovers and transfers
If you already have an IRA or retirement plan with another financial institution, you may be able to transfer or roll over those funds into an IRA at Firemen’s Federal Credit Union. Contact us to discuss your situation and how we can help.
Coverdell Education Savings Account (CESA)
A CESA helps families save for a child’s education with valuable tax benefits. Earnings grow tax-free, and withdrawals are tax- and penalty-free when used for qualified education expenses.
Eligibility
Opened for a designated beneficiary (child) under age 18, unless they have special needs.
Contribution limits
Up to $2,000 per year, with contributions allowed until the tax filing deadline.
Education expenses
Funds can be used for K–12 or college costs, including tuition, books, supplies, and computers.
Distribution rules
Funds generally must be used by the time the beneficiary reaches age 30.