We have the right IRA Account for you
- Federal income tax deductibility
- Tax-deferred earnings until withdrawal
- No age limits for contributions
For tax years 2023 and 2024, contributions are no longer limited by age as long as qualified income is present.
Traditional IRA Rules:
|Must have qualified, earned income to contribute
|No age limits
|Only if work retirement plan participant and wants to clam tax deduction
|Generally tax deductible. Please consult your tax advisor
Up to age 50: $6,500
Up to age 50: $7,000
|Required Minimum Distributions
|Required starting age 73
Deducted contributions and earnings will become taxable at the time of distribution. Distributions before age 59 ½ are subject to taxation and 10 % early distribution penalty, unless one of the following exceptions applies:
Please consult your tax advisor prior to contributing to a Traditional IRA account.
Required Minimum Distributions (RMD): Distributions are required and must be taken annually starting from age: 73
Please follow the link below to see our current IRA rates.
How to Open
To open an IRA account, please visit one of our branch locations, or contact our Member Services Center at 1.855.PSFCU.4U.Go to main navigation