Everything you need to know to build your financial future.
Contact an
Everything you need to know to build your financial future.
Contact anWe offer a variety of Individual Retirement Accounts (IRAs) to fit your needs.
Planning for retirement? A Traditional IRA might be your perfect match. Your earnings grow tax-deferred, and contributions may be tax-deductible if eligible. Check with your tax advisor to determine tax-deductibility. Just remember, both contributions and earnings are taxed at your regular income tax rate when withdrawn. Start saving smart with a Traditional IRA! Spousal and SEP IRAs are two types of specialized, traditional IRAs. Read more about Spousal and SEP IRAs below.
| Traditional IRA Rates | |
| Current dividend rate | 3.95% |
| Current APY* | 4.03% |
| Previous dividend rate | 3.95% |
| Previous APY* | 4.03% |
Looking for tax-deferred savings, no required minimum distributions, and tax-free withdrawals in retirement? A Roth IRA might be just the thing for you! Although your contributions are taxed, your earnings grow tax-free, and you won’t pay taxes on qualified withdrawals in retirement. Just keep in mind that there are income limits to qualify, based on your modified adjusted gross income. So, check the income limits and get started on building your nest egg today!
| Roth IRA Rates | |
| Current dividend rate | 3.95% |
| Current APY* | 4.03% |
| Previous dividend rate | 3.95% |
| Previous APY* | 4.03% |
A $50 daily minimum balance is required to earn dividends. All Current APY and Dividend Rates shown are the current weekly rates in effect on 6/21/2024. Dividend rate and APY are variable and subject to change after the account is opened. The Previous APY and Dividend Rates stated are accurate as of the last dividend declaration date, which is the last day of the previous quarter.
*APY = Annual Percentage Yield
Spousal IRA
With a Spousal IRA, the working spouse can contribute to an IRA for their partner who is non-working or earning minimal income. This helps both of you save for retirement. Just keep in mind there are some limits on how much you can contribute and deduct from your taxes.
SEP IRA
(Simplified Employee Pension Plan) This IRA is designed to give self-employed members and qualified employers and employees a way to provide contributions toward a qualified Retirement Program.
To learn more information about IRAs, visit Retirement Central®.
Retirement Central® gives you practical ideas you can apply today to help you achieve financial security in retirement. Resources include financial planning advice for each stage of life, answers to frequently asked questions, tools for planning investment options and establishing beneficiaries, information about opening and maintaining IRAs and much more.
Wondering about the dividends you'll earn on your EFCU IRA Share Account?
The dividend rate and annual percentage yield (APY) are variable and are subject to change after the account is opened. That means the rates might change from time to time.
It's important to note that instead of interest, you’ll earn dividends on your IRA Share Account. For the most up-to-date rates, go to eglinfcu.org/rates. That way, you'll know exactly how much your IRA Share Account is earning.
How much do I have to deposit to open an IRA Account at EFCU?
A minimum contribution of $5 is required to open an IRA Account and a $50 daily minimum balance is required to earn dividends.
How can I deposit money into my Credit Union IRA?
If you want to get the most out of your IRA and save on taxes, consider contributing your maximum allowance as early in the year as possible. This way, you can benefit from compounded earnings.
We understand that contributing the maximum amount all at once might not be feasible for everyone. That’s why we offer various options: direct deposit, transfer of funds periodically, or make deposits by mail or in person. Choose the method that works best for you and watch your savings grow!
When is the deadline for making contributions to an IRA?
You have until the tax filing deadline (usually April 15) of the current calendar year to make contributions to a Traditional or Roth IRA account for the previous year.
Does Eglin Federal Credit Union charge IRA service fees?
No! EFCU does not charge a service fee associated with an IRA account.
Can I withdraw funds from my IRA?
Yes, you can withdraw any time, but IRS penalties may be imposed. Check with your tax advisor before making a withdrawal to avoid IRS penalties.
May I borrow from my EFCU IRA account or pledge it on a collateral loan?
We understand that life can be unpredictable, and you might want to borrow from your IRA account. However, as much as we'd love to help, we follow IRS guidelines, which consider these actions as a "Prohibited Transaction." That means borrowing from or pledging your IRA account would be treated as an early withdrawal, potentially leading to penalties.
We want to help you make the most of your retirement savings, so it’s best to keep your IRA funds invested for your future. If you’re in a pinch and need some financial assistance, let us know! We might be able to find an alternative solution that works for you.
Is my IRA account insured the same as my Share Savings account?
YES. Traditional and Roth IRAs at federally insured credit unions are aggregated and insured by NCUA up to $250,000. This coverage is separate and apart from the $250,000 insurance coverage provided by NCUA for your other covered credit union share accounts.
We know it’s not the most pleasant topic, but it’s important to plan for the future. So, you might be wondering, “What happens to my IRA funds when I pass away?”
Your hard-earned savings will be distributed in its entirety to the beneficiary you have chosen. However, your beneficiary may need to pay taxes on the amount they receive. Special rules may apply to each beneficiary for Traditional or Roth IRAs. It’s essential to keep your beneficiary designations up-to-date and discuss the potential tax implications with your loved ones. That way, you can ensure a smooth transition and help them make informed decisions when the time comes.
What happens if I change jobs?
Your IRA isn’t tied to your workplace and can, but doesn’t have to, move with you when you change jobs.
At Eglin FCU, our dedicated and knowledgeable IRA team is here to support your retirement goals every step of the way. Whether you’re establishing a new IRA, facilitating rollovers, or managing transfers, we are committed to meeting all your IRA needs with precision and care. As a full-service provider, we offer a comprehensive range of services, including direct rollovers from your retirement plans, trustee-to-trustee transfers, 60-day rollovers, beneficiary updates, charitable distributions, and assistance with excess contributions. Our team also ensures a seamless process for required minimum distributions (RMDs), other withdrawals, and contributions. We value our members and proudly offer our IRA services with no additional fees. Our custodial services guarantee that your assets are securely held and managed in full compliance with IRS regulations. We maintain accurate records of all transactions and provide detailed statements to keep you informed about your account’s performance. Additionally, our team handles all necessary IRS reporting, ensuring your account remains compliant. We are here as your partner in achieving a secure and prosperous retirement.
An IRA can be opened at Eglin FCU with a $5.00 contribution, no maturity date, and no minimum annual contribution. Deposits into the IRA can be made by automatic transfer, allotment, or direct deposit. We can also rollover your payout of an Employer Sponsored Pension Plan into an IRA.
Traditional IRAs offer potential tax deductions on contributions made, earnings are also tax-deferred until they are withdrawn.
Every wage earner qualifies for a Traditional IRA. Traditional IRAs offer potential tax deductions on contributions made, earnings are also tax-deferred until they are withdrawn. Required minimum distributions begin at age 72. Automatic withdrawals can easily be set up for member's convenience. Self employed members and qualified employers and employees are also eligible to contribute to a type of Traditional IRA called a SEP IRA.
Roth IRAs make the most sense if you expect your tax rate to be higher during retirement than your current rate.
A Roth IRA is a special retirement account where you pay taxes on money going into your account and then all future withdrawals are tax free. Roth IRAs make the most sense if you expect your tax rate to be higher during retirement than your current rate. Another benefit of Roth IRAs is that they do not require Mandatory Minimum Distributions.
If you have any questions, or you would like to open an IRA, please contact our IRA Specialists at 850.862.0111 x.1153, or email us via secure email.
For specific information about, or assistance with, your Eglin FCU IRA, including transfers, visit any branch location or give us a call at 850.862.0111 x.1150 during business hours.
For specific information about, or assistance with, closing your Eglin FCU IRA please contact us by visiting any branch location or give us a call at 850.862.0111 x.1150 during business hours.
Our competitive dividend rate and annual percentage yield (APY) are variable and subject to change.
Routing Number: 263178070
*APR = Annual Percentage Rate.
