Retirement/IRA

It’s never too early to start thinking about retirement. FLFCU’S Individual Retirement Accounts (IRA’s) are designed to give you an advantage on your retirement savings through unique tax incentives, including compounded interest that continually grows tax deferred. There are more IRA types, and more maturity options than ever, so funds are available when you need them, now or later.

IRAs can be opened in any one of our branches. For more information or personal assistance, please contact us.

Traditional IRA

How it works:
  • No minimum to open
  • After age 59 1/2, both earnings and contributions can be withdrawn penalty free
  • Any earnings grow tax deferred until withdrawn after age 59 1/2
  • Earnings withdrawn after age 59 1/2 are taxed at your current tax rate
  • Contributions may be tax deductible

NOTE: You may also be able to rollover your current retirement savings to an FLFCU IRA. Speak with an FLFCU representative for more information.



Roth IRA

How it works:
  • No minimum to open
  • Contributions, not earnings, can be withdrawn tax and penalty free at any time
  • After age 59 1/2, if the account has been open at least 5 years, earnings can be withdrawn tax free
  • Contributions are not tax deductible

NOTE: You may also be able to rollover your current retirement savings to an FLFCU IRA. Speak with an FLFCU representative for more information.



IRA Certificates

How it works:
  • $500 minimum to open
  • Similar structure to regular Term Share Certificates (also known as CDs)
  • Available at terms from 3 months to 3 years

Penalties for early withdrawal will be imposed, which will reduce earnings.