IRAs BANK | IRAs IRAsPLAN SECURELY FOR YOUR RETIREMENT We offer excellent tools for retirement savings like Individual Retirement Arrangements (IRAs). You can even rollover or transfer funds from existing 401(k) or 403(b) accounts to your Ohio Catholic FCU IRA or IRA Share Certificate account. Your retirement situation is unique, so we recommend you consult your own tax advisor or attorney before opening any retirement account. TRADITIONAL IRAProvides the opportunity for your earnings to grow tax-deferred, but you will pay taxes when you take the money out during retirement, and penalties apply for early withdrawal. To be eligible, you (or your spouse if filing a joint tax return) must earn compensation from employment (e.g., a paycheck). If you are under age 50, you can contribute $7,000 annually. If you are age 50 or older, you can contribute $8,000 annually. You are still eligible to contribute to a Traditional IRA even if you contribute to an employer-sponsored plan like a 401(k) or 403(b) LEARN MORE MAKING CONTRIBUTIONSContributions to a traditional IRA may be tax-deductible in the year you make them, depending on your income and participation in an employer-sponsored retirement plan, such as a 401(k). You can continue to contribute to these accounts as long as you have earned income (e.g., a paycheck).TAX-DEFERRED SAVINGSYour contributions and earnings grow tax-deferred, which means you won’t pay income taxes until you withdraw money from the account. Even if you aren’t eligible for a tax deduction, your savings will still be tax-deferred.MAKING WITHDRAWALSYou’ll need to start distributions (withdrawals) by age 73. Any deductible contributions and earnings you withdraw or that are distributed from your traditional IRA are taxable.GET STARTED NOW ROTH IRAProvides the opportunity for your earnings to grow tax-free, but you will pay taxes on the money you contribute, and penalties apply for early withdrawal. To be eligible, you (or your spouse if filing a joint tax return) must earn compensation from employment (e.g., a paycheck). If you are under age 50, you can contribute $7,000 annually. If you are age 50 or older, you can contribute $8,000 annually. If you contribute to an employer-sponsored plan like a 401(k) or 403(b), you are still eligible to contribute to a Traditional IRA LEARN MORE MAKING CONTRIBUTIONSWith a Roth IRA, your contributions aren’t tax-deductible. Contributions can be made as long as you have earned income (e.g., a paycheck).TAX-DEFERRED SAVINGSRoth IRAs allow for tax-free growth over your lifetime.MAKING WITHDRAWALSWithdrawals are tax-free, but subject to certain requirements. You must be at least age 59½ and have had your account for at least five years. (You can still make withdrawals if you don’t meet these requirements, but you may pay taxes and/or penalties.)GET STARTED NOW Visit A Branch Stop by your local branch and we’ll be happy to help you. VISIT US Talk With Us Call (888) 696-4462 or chat live online during business hours. CALL US Open An Account It’s simple to open and fund your account online. JOIN US Make the Most of Your Money With Ohio Catholic Discover how you can unlock your money’s potential and achieve your financial goals with the help of the Ohio Catholic Federal Credit Union! SEE ALL THE POSTS Newsletter Q4 2024Read the newsletter below or download it here. Read the latest news from Ohio Catholic! Ohio Catholic FCU […]Do I need a Will or a Living Trust?We all strive to be financially responsible, from paying bills on time to investing for retirement and being […]Consider a credit card from Ohio Catholic for your holiday shoppingOhio Catholic offers a credit card with Great Rates and Great Rewards! The Mastercard Rewards Card offers NO […] SEE ALL THE POSTS Every experience I’ve had dealing with OCFCU has been excellent. Everyone is always very helpful and courteous. Allison S.,OCFCU Member Consistently competitive rates and outstanding customer service. Michael S.,OCFCU Member Banking is easy and pleasant. The tellers are very accommodating and well-educated. Bernadette L.,OCFCU Member Say Hello to ClickSWITCH It’s simple to move over your direct deposits and recurring payments. LEARN MORE