Individual Retirement Accounts (IRA)
It's Never Too Early to Start Planning
| Types | APR* | APY** |
|---|---|---|
| Traditional | 3.20% | 3.24% |
| Roth IRA | 3.20% | 3.24% |
| Coverdell Educational Savings | 3.20% | 3.24% |
As of April 25, 2024
TCCU offers three different types of individual retirement accounts: Traditional, Roth, and Coverdell Education Savings.
A Traditional IRA offers tax-deferred earnings and the possibility of tax-deductible* contributions.
A Roth IRA is funded by non-deductible contributions but gives owners the opportunity for tax-free* withdrawals.
A Coverdell Education Savings Account enables parents and others to deposit $2,000 per year to be used for educational purposes. Earnings grow tax-free* if you meet the income requirements.
Start planning for your retirement today by opening an IRA at Torrance Community Credit Union. An IRA is an important part of your long-term savings portfolio. For Traditional and Roth IRAs, there is a new contribution limit of $6,000, and for members over 50, there is a catch-up contribution of $1,000.
*Please consult with a tax professional regarding your personal financial situation.