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We have the right IRA Account for you


Main Benefits:

  • Federal income tax deductibility
  • Tax-deferred earnings until withdrawal 
  • No age limits for contributions

For tax years 2022 and 2023, contributions are no longer limited by age as long as qualified income is present. 


Traditional IRA Rules:

Eligibility Must have qualified, earned income to contribute
Age Limits No age limits
Income Limits Only if work retirement plan participant and wants to clam tax deduction
Contributions Generally tax deductible. Please consult your tax advisor
Maximum Contributions


Up to age 50: $6,000
Age 50 + $7,000


Up to age 50: $6,500
Age 50 + $7,500

Earnings Tax-deferred
Required Minimum Distributions Required starting age 73
Distributions: 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:
  • permanent disability
  • payment for certain health insurance, medical expenses, and higher education expenses
  • payment for a qualifying first home purchase (lifetime limit of $10,000 per taxpayer applies)
  • taking substantially equal periodic payments (SEPP)
  • conversion to a ROTH IRA
  • IRS tax levy
  • payments made to IRA beneficiaries after IRA owner's death
  • qualified reservist distribution
  • Qualifying birth or adoption (limit $5,000.00)


Please consult your tax advisor prior to contributing to a Traditional IRA account.

Required Minimum Distributions (RMD): Generally, distributions are required and must be taken annually starting from the 72nd year of life. As of 2023, the required age to start taking RMDs changed to 73.



Please follow the link below to see our current IRA rates.

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.

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