Individual Retirement Accounts (IRA)

In the old days, retirement meant slowing down. Nowadays, it often means gearing up for a new chapter in your life. Chasing after the grandkids. Traveling the world. Opening your own little business. How will you pay for all this pleasure? An IRA can give you the freedom to do whatever you desire.

In the Greater Pittsburgh area, our air is cleaner than ever before. Our medical facilities are among the world's best. For these and other reasons, people are living longer than ever. But without a regular salary, they're often financially stretched in their senior years.

The good news is that it's easy to prepare for a comfortable future. At Parkview Community FCU, we'd be happy to help you open an Individual Retirement Account. We offer several types of accounts, each offering interest-earning investment options and unique tax benefits. Some even let you use money to pay for a son or daughter's college expenses.

The years pass quickly. You'll be leaving the workforce before you know it. By starting to save today, you can make sure you'll have many happy tomorrows.

  • Contribute up to $5,500 a year ($6,500 if you're over 50)
  • Invest money in savings account or Share Certificates
  • Annual contribution are often tax deductible
  • Account earnings are tax-deferred
  • Annual withdrawals required once member reaches age 70 ½.
  • Member pay income taxes only when money is withdrawn. Because you're likely to be in a lower tax bracket at that point, that can mean more after-tax dollars for your retirement.
  • Contribute up to $5,500 a year ($6,500 if you're over 50)
  • Invest money in savings account or Share Certificates
  • Money can be used for higher education expenses
  • Contributions made with post-tax money
  • Earnings grow and money is withdrawn tax-free
  • No mandatory withdrawals at age 70 ½.
  • Excellent option if you're changing jobs
  • Roll money from a qualified pension plan into an IRA
  • Avoid tax penalties for early distribution of pension funds
  • Money can be returned to a pension fund at later date
  • IRA can be opened with zero balance and Parkview Community FCU will handle rollover request from your employer
  • Contribute up to $2,000 each year
  • Contributions are not tax deductible, but earnings and withdrawals are tax-free
  • Money must be used for higher education expenses such as tuition, fees, books, supplies, equipment, and in some cases, room, board and computers.
  • Student must be under age 30
  • Minimum deposit of $1,000
  • Earn higher yields than on savings accounts
  • Choose from a variety of investment terms
  • Penalties for early withdrawal of funds