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IRA Accounts




 

Traditional IRA

An Individual Retirement Account (IRA) allows individuals, whether covered by an employer-sponsored pension plan or not, to save money for use in retirement.

Individual ownership only

Contributions:

  • Can be made by anyone under the age of 70 ½ with earned compensation
  • Annual limitation for individuals is $5,000 (through tax year 2010)
  • Contributions limits are the lesser of the annual contribution limit or 100% of earned compensation; reduced by amount contributed to Roth IRA
  • Contribution limits are double for married couples filing taxes jointly. If only one spouse earns compensation an additional contribution up to the contribution limit can be made into a spousal IRA (when earned compensation is at least equal to aggregate IRA contributions)
*For more information please call 601.649.7181
 

Roth IRA

The Roth IRA allows members to deposit after-tax dollars, accumulate possible tax-free earnings, and take qualifying withdrawals without tax consequences.

  • Individual ownership only
  • Annual Roth IRA contribution limits for individuals are;
  • 2008 - 2010: $5,000
  • Contributions are limited to 100% of earned compensation or the annual contribution limit (whichever is less); reduced by amount contributed to Traditional IRA
  • Contribution limitations are double for married couples filing taxes jointly. If only one spouse earns compensation an additional contribution up to the contribution limit can be made into a spousal IRA (as long as earned compensation is equal to or greater than the aggregate IRA contributions)
*For more information please call 601.649.7181
 

IRA Share Certificates are no longer offered by CSFCU. Anyone with an IRA share certificate will be converted to the equivalent IRA Share upon maturity date.

 

 

   
           
 
 
Phone Number: (601) 649-7181          Toll Free: (855) 786-2228          Sunny By Phone: Option 1          Lost or Stolen Debit Card: (601) 649-7181
 
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