Individual Retirement Accounts

Saving for retirement has become more important than ever. With an Individual Retirement Account (IRA) from Justice Federal, you can invest wisely and securely for your future.

Eligibility

Anyone under the age of 70½ who has earned income can establish an IRA. A person with earned income can also contribute to an IRA on behalf of a non-working spouse if the couple files a joint tax return. A Roth IRA has no age limits, but does have contribution limits based on income.

Traditional IRA Certificates

A Traditional IRA offers opportunity to reduce current taxes while enjoying tax-deferred growth potential.

Features & Benefits

Contributions and earnings may be withdrawn after reaching age 59½
Contributions may be tax-deductible, consult a Tax Advisor for details

Roth IRA

A Roth IRA offers opportunity to earn tax-free income with greater withdrawal flexibility in retirement.

Features & Benefits

Contributions are not tax-deductible
Qualified withdrawals are federally tax-free and may be state tax-free after age 59½ and the account has been open five years or more, consult a Tax Advisor for details
No income restrictions required on converting a Traditional IRA to a Roth IRA

Rollover IRA

A Rollover IRA allows you to consolidate retirement assets from former employers into one, easy to manage account while maintaining the tax-deferred status of your assets. Rollovers may be done once in a 12-month period. Transfers are handled directly between institutions with Member authorization. There is no limitation to the number of transfers you may authorize. Consult a Tax Advisor to determine if a Rollover IRA may be right for you.

Features & Benefits

Access to a full range of investment choices while consolidating multiple 401(k) and 403(b) retirement plans
Requiring minimum withdrawals starting at age 70½ and generally taxed if withdrawn prior to age 59½
If you move your 401(k) assets into a Rollover IRA, your money will keep its tax-deferred status until you withdrawal it

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Individual Retirement Accumulation Account vs. an IRA Share Certificate

What’s the difference?

Individual Retirement Accumulation Account (IRA)

An IRA Accumulation Account may be the answer if you are looking to save in a tax-deferred account for retirement but lack the required minimum opening deposit for an IRA Certificate. The IRA Accumulation Account has all the attributes of a savings account, but is tax-deferred.

Set aside funds through payroll deduction or ACH/Direct Deposit and pay yourself first to make retirement worry free
Arrange automatic monthly transfers from checking or savings to save "painlessly" and build towards your future
Leave your funds in this account or, when you saved the minimum for an IRA Share Certificate, request the funds be put in an IRA Share Certificate at the terms that best suit you

Individual Retirement Account — Share Certificate

An IRA Share Certificate offers a low minimum balance requirement of $500 and earns higher dividends helping to make your personal tax-deferred plan grow for you. Simply choose the terms that suits your needs.

Early Withdrawal Certificate Penalty

A certificate with a term of 12 months or less will lose 90 days of dividends for early withdrawal; a certificate with a term of 13 months or more will lose 180 days of dividends for early withdrawal.

Simplified Employee Pension (SEP) IRAs

A Simplified Employee Pension IRA is an employer established and funded IRA, where the employer can place up to 15% of your compensation.