We make planning for your future easy

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Retirement accounts are a secure way to keep your money for the future. Not only can you earn dividens on your money, but most IRAs are also insured up to $250,000 by NCUA. For a great way to supplement your retirement income or save for college expenses, check out what GEICO FCU has to offer.

Choose from a Traditional, Roth or Educational IRA;

Traditional

  • You earn a tax deduction for investing into your IRA, but you also are taxed for salaried income when you receive the payout at retirement.
  • Can also help pay for qualified college expenses. This is also exempt from early distribution penalties.
  • Can use up to $10k towards the purchase of your first home Hardships such as disability and certain levels of unreimbursed medical expenses may also be exempt from the penalty.
  • Can contribute until the age of 70 1/2
  • Contribute without income restrictions

Roth

  • No tax deductions when you put money into your Roth, but the distributions (or payout) for retirement is not taxed. This also applies to beneficiaries.
  • Earn dividends tax free.
  • Save for as long as you want to with no mandatory timeframes on when you have to withdraw funds.
  • Withdraw up to $10k penalty-free to pay for your first home, five years after initial contribution.
  • Contribute without age restrictions as long as you have earned income.

Educational

  • Tax-deferred account with earnings and withdrawals free from federal income tax if used for qualified education expenses. Contribution limits apply.
  • Educational IRAs and Educational IRA Certificates are insured separately up to an additional $250,000.
  • You can still use your funds for certain qualified expenses.

For questions on IRA, stop by your local branch or give us a call at 1-800-542-7896

*Earned income includes wages, salaries, tips, professional fees, bonuses, commissions, self-employment income, alimony, separate maintenance and other amounts that appear in Box 1 on your W-2.