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Individual Retirement Account (IRA)

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Traditional IRA

With a traditional IRA, eligible contributions are made tax-free and are only taxed when withdrawn during retirement, ideally when you're in a lower tax bracket. There is no age restriction for Traditional IRAs, so anyone at any age can contribute if they are still working. Traditional IRAs are also subject to Required Minimum Distributions (RMDs) starting at age 72. Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal.  Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax. 

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Roth IRA

With a Roth IRA, contributions are taxed. However, qualified distributions are tax-free, regardless of your tax bracket or income level. Roth IRAs are also subject to income limits, restricting how much you can contribute depending on your earnings and filing status. Additionally, Roth IRAs are not subject to RMDs, allowing funds to grow throughout your lifetime, effectively fund education, and even transfer to beneficiaries. 

A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.

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Whether it's budgeting for retirement, comparing the latest rates or meeting with an experienced professional, managing your finances has never been easier with Education First!

 

Retirement Calculators

Calculate your budget and plan for your retirement goals with Education First's retirement calculators.

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Rates

Check current rates and find out which ones are the right fit for what you need.

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Financial Advisors

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Education First Financial Group are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Education First Financial Group, and may also be employees of Education First Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of Education First Federal Credit Union. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or Any Other Government Agency Not Credit Union Guaranteed Not Credit Union Deposits or Obligations May Lose Value

LPL Financial Form CRS

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with the residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Check the background of investment professionals associated with this site on FINRA's BrokerCheck. 

Education First Federal Credit Union (EFFCU) provides referrals to financial professionals of LPL Financial LLC (“LPL") pursuant to an agreement that allows LPL to pay EFFCU for these referrals. This creates an incentive for the EFFCU to make these referrals, resulting in a conflict of interest. EFFCU is not a current client of LPL for advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

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