Enjoy more flexibility while you save for retirement. Select one of our Individual Retirement Accounts (IRAs) that offer you the most effective way to add to your retirement savings.
Now you can use a traditional retirement savings account to save for higher education expenses and even first-time home purchases ($10,000 lifetime limit) as well as retirement. Spouses who don't participate in an employer retirement plan can deduct contributions if certain income limits aren't exceeded.
Contributions may be deductible depending on your federal income tax filing status, your modified adjusted gross income and whether you are an active participant in an employer-maintained plan. Remember that you must begin to take required minimum distributions by April 1st of the calendar year following the year you attain age 70-1/2. If you are 50 or older you may also make catch up contributions of $1,000 per year.
The Roth IRA offers new and exciting opportunities to save. You can get tax-free distributions if you are over age 59-1/2, become disabled or are a first-time home buyer and your money has been in the account for at least five years. Distributions are not required during your lifetime.
You can make contributions at any age, although the maximum $4,000 contribution ($8,000 per couple) is phased out for higher income taxpayers. If you are 50 or older you may also make catch up contributions of $1,000 per year. Contributions are not tax-deductible.
You can now convert a traditional IRA to a Roth IRA if your adjusted gross income is under $100,000, regardless of your tax filing status. You may have to pay income tax on some or the entire converted amount, but interest earned in your Roth IRA will be tax free, with certain restrictions.
At Fox Chase, you can choose any of our Certificate of Deposit (CD) terms for your IRA investment.