Plan ahead by saving now for retirement
Worry less about having enough money to retire. A traditional IRA is a great way for you to start saving now.
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Good to know
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Contribution limits
Annual contribution limits change from year to year.
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Opened by you
Unlike a 401(K) provided by your employer, you must open your own IRA and make contributions to it annually.
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Distributions are taxed
When you withdraw funds from a traditional IRA, your distributions are taxable based on the tax bracket that you are in at the time. Additionally if you are below the age of 59½, there is an additional 10% tax penalty.
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Required minimum distributions (RMDs)
Typically, if you are 73 or older you will need to take an annual required minimum distribution (RMD).
Looking for other investment options?
Explore a variety of investment products offered through Redwood Wealth Management, designed to support your financial goals.
Your hard-earned money is safe
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Received Bauer Financial's 5-star Superior rating for strength based on financial data as of June 30, 2023.
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Rated #1 healthiest credit union in California according to Glatt Consulting’s 2023 Credit Union Industry HealthScore
Have a question?
At RCU, we're known for our reliable service, and we'll answer your questions and calls quickly.
It's never too early to start planning for retirement
A traditional IRA is an excellent way for you start saving now, and you can start regardless of your income level. It is a great way for you to earn funds so when the time comes, your retirement life will be as enjoyable as possible.
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*Consult your tax advisor regarding tax implications.
All Highlights
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Tax-deductible contributions
Save money while you are building your retirement! Instead of paying taxes on your retirement contributions now, you can pay them when you withdraw money after you retire.*
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No maximum income limits
You do not need to meet certain income requirements to start saving with a traditional IRA, making retirement saving even easier.*
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Multiple account options
Earn dividends on your pre-tax contributions with an IRA money market or an IRA certificate of deposit.*
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Tax-free growth
After setting up a traditional IRA account, you may not have to pay taxes annually on the earnings inside of it to help your earnings grow faster.*
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Penalty-free withdrawals for certain expenses
You can withdraw up to $10,000 in earnings penalty-free to cover certain qualifying expenses, such as first-time homebuyer expenses.
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Manage your IRA account in digital banking
Open your account, make deposits, withdrawals, and transfer funds within RCU online and mobile banking.*
Open a Traditional IRA
Already have an RCU account?
(We’ll pre-fill your application)
New to RCU?
Eligibility
You can become a Member of RCU if you meet any of the following criteria:
- You live, work or own a business in the counties of Sonoma, Marin, Napa, Mendocino, Lake, San Francisco, Solano, or Contra Costa.
- You are an immediate family member of a current RCU Member.
- You work for a designated Select Employer Group.
Rates
IRA Rates
IRA Money Market
as high as 5.00 % APYIRA Certificate
as high as 5.25 % APYPPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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