Individual Retirement Accounts (IRAs)

Planning ahead for your financial future could be the difference between a normal retirement and a "first class" one. At Floridacentral, we offer both traditional and Roth IRAs to help you reach your individual financial goals. Let one of our financial planners help you set up the IRA that fits your needs. It's never too early — or too late — to get started!

• Prepare for retirement
• Earn dividends
• Competitive rates
• Traditional and Roth available
• Short- and long-term solutions
• Possible tax advantages*
• NCUA insured up to $250,000

Traditional IRA

• No income limits to open
• No minimum contribution in any year
• Contributions are tax deductible on state and federal income tax*
• Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
• Withdrawals can begin at age 59½
• Early withdrawals subject to penalty**
• Mandatory withdrawals at a 70½ OR 72 years of age (This rule has changed in 2020. Please consult with a tax professional to determine which rule applies to your distribution.)

Roth IRA

• Income limits to be eligible to open Roth IRA
• Contributions are NOT tax deductible
• Earnings are 100% tax-free at withdrawal*
• Principal contributions can be withdrawn without penalty*
• Withdrawals on interest can begin at age 59½
• Early withdrawals on interest subject to penalty**
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income