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IRAs

Retirement can sneak up on you. Not in the sense that you unexpectedly wake up on a golf course one morning, but in the sense that poor financial planning can leave you unprepared. PFCU offers Individual Retirement Accounts to our Michigan members. All IRAs are insured through NCUA and designed to provide a more comfortable retirement.

Get Started

If you have any questions or need help filling out the simple forms to establish an IRA, please contact us or visit us at any PFCU office. Experience your retirement with us!

IRA Rates

Defer taxes on your earnings until they are withdrawn. Certain contributions are tax-deductible in the tax year for which they are made.

  • Qualifications: Must have earned income and not reached age 70 ½ by end of the year
  • Maximum Contributions: $6,000 if you are under age 50; $7,000 if you are 50 or older
  • Tax Status of Earnings: Tax-deferred until withdrawn
  • Contribution Restrictions: Yes, if you are an active participant in an employer retirement plan
  • IRA Early Withdrawal Penalties: Yes, except:
    1. Over 59 ½ years and taking regular distributions;
    2. Death or disability;
    3. Qualified medical expenses;
    4. Certain health insurance;
    5. Qualified college expenses;
    6. First-time home purchase (up to $10,000);
    7. Due to IRS levy
  • Required Distributions: Must begin withdrawing by April following the year you turn 70 ½
  • Contributions after age 70 ½: Not allowed

This nondeductible account features tax-free withdrawals for certain distribution reasons after a five-year holding period.

  • Qualifications: Must have earned income; no age restrictions
  • Maximum Contributions: $6,000 if you are under age 50; $7,000 if you are 50 or older
  • Tax Status of Earnings: Earnings grow tax-free
  • Tax Deduction: No
  • IRA Early Withdrawal Penalties: None if:
    1. Over 59 ½ years and taking regular distributions;
    2. Death or disability;
    3. Qualified medical expenses;
    4. Certain health insurance;
    5. Qualified college expenses;
    6. First-time home purchase (up to $10,000);
    7. Due to IRS levy (There may be an additional time deposit withdrawal penalty.)
  • Required Distributions: Only after death of the participant
  • Contributions after age 70 ½: Allowed

Formerly known as the Education IRA, the CESA can be used to pay for higher education as well as qualified elementary school and second school expenses.

  • Qualifications: Designated beneficiary must be under the age of 18 (this limitation does not apply to any designated beneficiary with special needs)
  • Maximum Contributions: $2,000 per beneficiary (Contributions do not count against limits for IRAs)
  • Tax Status of Earnings: Earnings grow tax-free
  • Tax Deduction: No
  • IRA Penalties for Early Withdrawal: None, if used for payment of qualified education expenses (time deposit penalties may apply)
  • Required Distributions: Must be complete 30 days after beneficiary reaches age 30 or dies
  • Contributions after age 70 ½: Allowed

PFCU Wealth Management

PFCU Wealth Management may be able to help you determine which Individual Retirement Account (IRA) is best for your financial needs. Contact us today.

* Stocks, mutual funds and variable products are not suitable for all investors. Before making any purchases you should carefully read the prospectus and prospectuses for the underlying investment portfolio of variable products and other information about the investment company. In addition to carefully reviewing the prospectus, you are advised to consider carefully the investment objectives, risks, charges and expenses of the investment before investing. A prospectus may be obtained by contacting PFCU Wealth Management or directly from the mutual funds, insurance company, or offering entity.

Securities offered through First Heartland Capital, Inc. Member FINRA<http://www.finra.org/> & SIPC<http://www.sipc.org/>. Advisory services offered through First Heartland Consultants, Inc. PFCU Wealth Management is not affiliated with First Heartland Capital, Inc. Securities offered through First Heartland Capital, Inc. are: not federally insured, subject to market risk including loss of principal, not obligations of, deposits of, or guaranteed by the Credit Union. PFCU Wealth Management is located at our Portland Office.”