The federal government defines multiple types of Individual Retirements Arrangements (IRAs). D.C. Teachers’ Federal Credit Union offers two to choose from. All IRAs are federally insured by NCUA for an additional $250,000. This coverage is separate from the share insurance coverage NCUA provides for your savings accounts.
Traditional IRAs give you a reliable source of income when you retire and may give you a tax break now. Eligible taxpayers can deduct as much as $5,500 worth of contributions from their gross income annually when filing their taxes. (Taxpayers over 50 can deduct $6,500.) Your eligibility will depend on your income, among other factors. You must start making withdrawals when you turn 70 1/2, and you’ll have to pay taxes on the deductible contributions and the interest they earned when you make your withdrawals.
While you can’t deduct contributions to Roth IRAs on your tax returns now, you can avoid paying taxes on your earnings later. That means your money will grow tax-free. You can make tax-free withdrawals starting at age 59 1/2 as along as it’s been five years since you opened the account. You’re not required to make withdrawals at any age. Contribution limits are the same as for Traditional IRAs.
Consult your tax adviser for complete details.
Both our Traditional and Roth IRAs are available as either a Regular Share Account or a Share Certificate. A Regular Share Account will have a variable rate and no term commitment, whereas a Share Certificate will have a fixed rate for a definitive term from six to 60 months. In any case, IRA withdrawal limitations still apply. IRA funds must be rolled over to another retirement account in order to be withdrawn from a DCTFCU IRA prior to retirement age without penalty.
Make deposits automatically to your IRAs by using direct deposit and payroll deduction.
Review our Account Terms, Disclosures & Agreements
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Monday and Thursday from 10AM until 4:30PM. Friday from 10AM until 5:30PM.
The branch closes from 11AM – Noon for lunch and closed Tuesday and Wednesday.